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Allica Bank raises £100m Series C

Allica’s latest cash comes from venture capital firm TCV, which has also backed fintech giants Nubank and Revolut.

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Richard Davies/Allica.

­­Allica Bank, a UK neobank focused on SMEs, has closed a £100m Series C funding round. 

The new cash comes one year after its £110m Series B round, as AltFiexclusively revealed at the time, as well as less than six months from an interim top-up of £55m in June of 2022. 

TCV, a backer of Revolut,Brex,Mambu,Mollie,Nubank, Qonto, Razorpay, Toast and Trade Republic, led this new Series C round, with existing investors Warwick Capital Partners and Atalaya Capital Management also taking part.

“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,” Richard Davies, CEO of Allica Bank.

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

Davies, a former senior exec at Revolut, joined Allica at the start of 2020 and had predicted the company would be profitable on a monthly basis last year. 

By June it had done so, helped by the purchase of a £600m loan book of SME loans from AIB shortly before its Series B was announced.

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