Allica Bank, the top fintech SME challenger bank, has announced a £110m Series B funding round led by Atalaya Capital Management, alongside present lead investor Warwick Capital Partners.
Since very first opening the doors of its to SME lending in March 2020, the bank has made good momentum in its current lending, using more than £0.5bn in dedicated loan offers offered to clients within the last 12 months, and earning many significant market awards.Alongside this good natural growth, Allica has additionally announced the first major acquisition of its with an agreement to get c.2,000 SME clients as well as c.£0.6 billion of related SME lending from AIB Group (UK) Plc.The brand new £110m funding round will help support continued investment of Allica’s proprietary technology as well as relationship management experience, alongside giving the capital to allow for the acquisition of AIB’s SME lending portfolio and ongoing natural growth:
The acquisition of the AIB SME lending portfolio will considerably speed up development in Allica’s direct-to-customer lending as well as relationship banking offering.
Sticking to the total conclusion of the AIB transaction in 2022, Allica Bank expects to employ a combined total lending guide of more than £1 billion and also be worthwhile on a monthly schedule.
The expansion of Allica’s proposition and point lending provide will control the bank’s distinct community of neighborhood relationship supervisors and growing merchandise collection, like the launch of the new Business Rewards of its Account in early 2022.
Expenditure thus far in Allica Bank currently amounts to £233 million – ranking Allica as among the UK’s leading twenty fintechs by money raised, based on Beauhurst.Richard Davies, CEO, Allica Bank said: “While most electronic as well as challenger banks are centered on professional lending secondary transaction accounts or markets, this particular transaction demonstrates just how Allica is leading the charge in taking up the mainstream’ high street’ banking market place for created, growing SMEs.”We are fast-becoming the SME lender of choice with the effective blend of ours of proprietary technology and also skilled nearby connection managers.””This £110m funding round, alongside the acquisition from AIB, will allow us to help as well as scale a lot more of Britain’s established SMEs as well as development companies, at a moment when SMEs are searching for much more customized assistance from their bank.””We’re laser focused on cultivating our lending to several billions with the future years as we need to allow for the underserved and overlooked SMEs across the UK.”Justin Burns, Managing Director, Atalaya Capital Management LP said: “We are delighted to allow for the following development stage of Allica in the quest of its to encourage SMEs to succeed.”