Allica Bank secures £26m in follow-on funding led by Warwick Capital Partners
Warwick Capital Partners led the follow-on investment as the business bank launched a separate £100m funding round to meet surging demand.
Allica Bank is a fintech challenger bank providing credit and payment services to established small and medium-sized enterprises in the United Kingdom. It combines proprietary technology with local relationship managers to serve business customers.
Allica Bank has secured £26m in follow-on funding led by existing majority shareholder Warwick Capital Partners. The capital injection arrives as the challenger bank simultaneously launches a broader £100m funding round to meet surging demand for finance from British small and medium-sized enterprises.
The institution has experienced over £1bn in loan enquiries following the coronavirus pandemic amid a reported reduction in traditional business lending. Allica intends to deploy the fresh resources to accelerate its lending operations and position itself for potential merger and acquisition opportunities within the non-bank lending sector.
Richard Davies took over as chief executive officer in August 2020 after joining from Revolut. The bank received its full UK banking authorisation in late 2019 and continues to target the funding gap facing established businesses outside the capital.
From the founder
"Established small and medium sized enterprises (SMEs) will be vital to the recovery and health of the UK economy, but it is clear that the supply of finance has been very badly damaged by Covid-19 outside of the government schemes.The time is now for Allica to scale up its operations to meet this business funding gap, bringing a blend of human relationships, deep lending expertise, and digital disruption. Together with potential acquisition opportunities of non bank lenders impacted by the pandemic, we intend to create the leading SME challenger bank for the decade ahead."
Richard Davies
CEO at Allica Bank
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About the company
Allica Bank
Allica Bank provides credit and payment services to established small and medium-sized enterprises.