Allica Bank raises £100m in series C funding

The round featured participation from existing investors Warwick Capital Partners and Atalaya Capital Management👇

Allica Bank, a challenger bank serving SMEs, has raised £100m in series C funding led by global growth technology investor TCV. 

The investment will be used to scale and accelerate its impact in the UK SME market.  

The UK-based bank reached profitability earlier this year, two years after it started lending. It received its banking licence in 2019.  

The round featured participation from existing investors Warwick Capital Partners and Atalaya Capital Management. 

Allica provides banking services to established SMEs and entrepreneurs, including lending, savings and payments. 

Richard Davies, chief executive of Allica Bank, commented: “From the moment we sat down with TCV it was clear we shared the same vision to transform SME banking in the UK, by taking on the mainstream ‘high street’ banking market. 

“It’s a massive vote of confidence in the team we’ve built at Allica to attract backing from such a world-class technology investor under the toughest of market conditions.  

“This £100 million funding round will enable us to support far more of Britain’s established and growth companies, who have been underserved for too long.” 

Michael Kalfayan, partner at TCV, added: “Richard and team have built a truly impressive platform that is looking to solve a great need for UK established SMEs, a highly complex segment to serve.  

“TCV is laser-focused on partnering with market-leading companies seeking to leverage technology to transform industries.  

“Allica is a prime example of this and we’re incredibly excited to collaborate with this strong team as they work to be the country’s leading digitally-native SME bank.” 

Image: Allica Bank

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.