Allica ended 2022 with a £100m Series C funding round, after six months of profitability.
Allica Bank, a UK bank focused on SMEs, has turned a profit less than three years after launching.
Following a 534 per cent growth in revenue in 2022, Allica made a £3m pre-tax profit in the second half of last year.
Allica still made a pre-tax loss of £1.6m for 2022 overall, but one that reduced materially from the £25m pre-tax loss in 2021.
This was driven by a £800m surge in SME lending, an increase of 139 per cent to £1.35bn, from £566m in 2021. Deposits also jumped 78 per cent to £1.5bn, from £846m in 2021.
The year was capped off too by a £100m Series C funding round from investors such as TCV, Warwick Capital and Atalaya Capital Management
“2022 was a landmark year for Allica – becoming profitable, delivering amazing growth in deposits, lending and revenue, launching our flagship Business Rewards Account and completing our Series C funding round in an extremely challenging market,” said Richard Davies, CEO of Allica Bank.
“Allica has entered 2023 with an excellent platform to continue to grow and expand its offer to SMEs – and in Q1 we’ve already seen profitability growing strongly, with very prudent capital and liquidity positions supporting our continued growth,” he added.
Allica has also appointed Patrick Magee, the former chief commercial officer of the British Business Bank, as a non-executive director.
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