UK-based Allica Bank, a fintech startup providing professional services, enhanced financial tools and expert banking to small and medium-sized businesses, raised USD 146.7 million on 24th November 2021.
Investors: The investment round was led by Atalaya Capital Management alongside existing lead investor Warwick Capital Partners.
Purpose of funding: Using the funds, the startup plans to further invest in Allica’s proprietary Technology and relationship management expertise and provide the capital to acquire AIB’s SME lending portfolio and continue organic growth.
About Allica Bank
Founded in 2017 by Jason Scott, Allica Bank is located in London, UK. Allica Bank is a fintech startup providing professional services, enhanced financial tools and expert banking to small and medium-sized businesses. The company received its UK banking license in September 2019. According to the startup, small and medium-sized businesses (SMEs) drive the British economy. Despite this, big banks have left them behind, which have done away with local relationship managers and tailored SME support. The startup was specifically created to serve such SMEs. Technology and tools are provided while the community has its feet on the ground. Personalized expertise and human relationships equip small and medium-sized businesses for success.
What the founder has to say
“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 SMEs are looking for more tailored support from their bank. We’re laser focused on growing our lending to multiple billions over the coming years as we seek to support the underserved and overlooked SMEs across the UK,” said Richard Davies, CEO at Allica Bank.
What the investors have to say
“We are excited to continue our support of Allica and the bank’s transformational acquisition of AIB’s SME portfolio. Allica has been building impressive momentum since its full launch last year and this acquisition will build on and accelerate the development of Allica’s award-winning proposition for Britain’s underserved SMEs,” said Ian Burgess, Managing Partner at Warwick Capital.
“We are thrilled to support the next growth phase of Allica in its mission to empower SMEs to succeed,” said Justin Burns, Managing Director at Atalaya Capital Management LP.
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