Allica Bank, a fintech SME challenger bank in London, has announced a £100m Series C funding round led by global growth technology investor, TCV, with participation from existing investors Warwick Capital Partners and Atalaya Capital Management.
With this investment, Allica joins TCV’s impressive list of portfolio companies, including household names like Airbnb, Netflix and Spotify, as well as category-defining fintechs such as Brex, Mambu, Mollie, Nubank, Qonto, Razorpay, Revolut , Toast, Trade Republic and Zepz.
This new investment allows Allica to grow rapidly and accelerate its disruptive impact on the UK SME market, following the bank’s impressive growth, as well as its profitability target, achieved in June this year.
Allica is the UK’s only digital challenger bank committed to providing a full-service banking relationship to established SMEs and entrepreneurs, offering them loans, savings and payments.
These established SMEs typically have between 10 and 250 employees and make up around a third of the UK economy – but are overlooked by both big banks and other fintechs which focus instead on consumers and micro businesses.
Richard Davies
Richard Davies, Managing Director of Allica Bank and former executive at HSBC and Revolut, said:
“From the moment we sat down with TCV, it was clear that we shared the same vision to transform SME banking in the UK, tackling the consumer banking market”
“It’s a massive vote of confidence in the team we’ve built at Allica to attract the backing of a world-class technology investor in the most challenging market conditions, and this £100m funding round. sterling will enable us to support many more established and growing UK businesses, which have been underserved for far too long.
Michael Kalfayan
Michael Kalfayan, Partner at TCV, said:
“Richard and his team have built a truly impressive platform that seeks to address a great need for UK based SMEs, a very complex segment to serve. TCV is focused on partnering with market leading companies who seek to leverage technology to transform industries. Allica is a great example of this and we are extremely excited to partner with this strong team as they strive to be the nation’s first digitally native SME bank.
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