By Zoran Temelkov June, 2022
Allice Bank has experienced a lending growth to more than £500 million, while deposits grew to more than £800 million during the first two years of its operations. It anticipates it will achieve £3 billion in lending to established SMEs in the upcoming years.
In its latest round, Allica Bank secured a total of £55 million in debt and equity funding. The fintech challenger bank for SME businesses secured £30 million Tier 2 capital from the British Business Investments, a subsidiary of the British Business Bank. The other £25 million in equity funding came from existing investors, Warwick Capital Partners and Atalaya Capital Management, which led the previous funding round.
Allica Bank completed a successful £110 million Series B funding round in November 2021, which brought the total funding to £285 million at that time. Warwick Capital, which is a majority shareholder, also provided a £26 million injection in 2020 as part of the Series A funding.
The capital secured through its funding rounds was to support the demand for finance from its British business customers.
