Allica scoops £110 million in Series B

Home AI Allica scoops £110 million in Series B
Allica scoops £110 million in Series B

SME challenger bank Allica has agreed a £110 million Series B funding round led by Atalaya Capital Management, alongside existing lead investor Warwick Capital Partners.

The new equity injection comes just days after the startup boosted its profitability ambitions by agreeing to buy the £600 million British small business loan book of Allied Irish Bank.

Following full completion of the AIB transaction in 2022, Allica Bank expects to have a combined total lending book of over £1 billion and to be profitable on a monthly basis.

The bank, which combines proprietary technology with a network of regional relationship managers, has so far raised £233 million – ranking the firm as one of the UK’s top 20 fintechs by funds raised, according to Beauhurst.

Richard Davies, CEO, Allica Bank says: “This £110m funding round, alongside the acquisition from AIB, will enable us to support and scale even more of Britain’s established SMEs and growth companies, at a time when SMEs are looking for more tailored support from their bank.”

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