Allica Bank hits profitability

Since first opening its doors two and a half years ago, Allica Bank has hit no shortage of milestones.

Last year, the SME fintech lender saw its lending grow more than 12-fold to more than £560m.

This year, Allica hit £1bn of lending,secured £55m in equity and debt and edged ever closer to reaching its goal of profitability.

Now, the bank has reached that goal and has also been profitable on a monthly basis since June 2022.

“Allica has hit a number of milestones since launching – but reaching profitability in close to record-breaking time is one of the proudest achievements so far,” Allica Bank CEO Richard Davies said.

“We have an amazing team at Allica, with a crystal-clear focus on serving established SMEs too often left behind by the high street banks, and not served by most other digital lenders.”

According to Allica, it also has new lending close to reaching £1bn on an annualised basis, with almost £80m in new lending each month of its third quarter this year.

“Since opening our doors to lending in March 2020, we have made exceptional progress, demonstrating the gap in the UK’s finance ecosystem for a bank dedicated to serving the established SME market – and we’ll continue to push to support SMEs as we grow over the years ahead,” he added.