HomeUKAllica Bank Raises £100M in Series C Funding

Allica Bank Raises £100M in Series C Funding


Allica Bank

Allica Bank, a London, UK-based fintech SME challenger bank, raised £100M in Series C funding.

The round was led by TCV, with participation from Warwick Capital Partners and Atalaya Capital Management. 

The company intends to use the funds to scale accelerate its impact in the UK SME market.

Led by Richard Davies, Allica is a digitally-native challenger bank committed to providing a full-service banking relationship to established SMEs and entrepreneurs, offering them lending, savings and payments. In the Summer 2022, the company reached £1bn of lending and monthly profitability, and completed the migration of c. 2,000 SME customers acquired from AIB GB. In Autumn 2022, Allica launched its Business Rewards Current Account, a current account designed especially for established businesses, with no monthly fees and great cashback offerings, fulfilling its commitment to be a full-service challenger bank.