After six months of profitability, Allica raised £100m in Series C fundraising in 2022.
After three years, UK SME bank Allica Bank has made a profit. Allica earned £3m pre-tax in the second half of 2022 after a 534 percent revenue increase. Allica lost £1.6m pre-tax in 2022, down from £25m in 2021.
SME lending rose £800m to £1.35bn, up 139% from £566m in 2021. Deposits rose 78% to £1.5bn from £846m in 2021.
A £100m Series C fundraising round from TCV, Warwick Capital, and Atalaya Capital Management ended the year.
“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 appointed former British Business Bank chief commercial officer Patrick Magee as a non-executive director.
