Allica Bank launches £110m funding round

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  • 25/11/2021
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Allica Bank launches £110m funding round
SME challenger bank Allica has kicked off a series B funding round to raise £110m of capital.

 

Led by Atalaya Capital Management, alongside lead investor Warwick Capital Partners, the bank wants to raise the money to invest in its technology, customer service and to support the acquisition of a lending portfolio.

The funds will also boost the bank’s own direct lending operation.

Allica is carrying out its first major acquisition with an agreement to acquire around 2,000 SME customers valued at £600m of SME lending from AIB Group.

When the transaction completes in 2022, Allica Bank expects to have a total lending book value of more than £1bn and to be profitable on a monthly basis.

Richard Davies, chief executive of Allica Bank, said: “While most digital and challenger banks are focused on specialist lending markets or secondary payment accounts, this transaction demonstrates how Allica is leading the charge in taking on the mainstream high street banking market for established, growing SMEs.

“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 they are looking for more tailored support from their bank.”

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