Allica Bank

Allica Bank is a British challenger bank and financial-technology company serving established small and medium-sized enterprises in the United Kingdom. Its business is built around the banking requirements of companies rather than mass-market retail customers, with activities spanning business lending, savings, current accounts, invoice finance, and payment-related services. The bank’s stated market position places it between conventional commercial banking and newer technology-led financial providers: it uses digital processes and fintech infrastructure while concentrating on the financing, cash-management, and transaction needs of operating businesses. The bank obtained its banking licence from the UK Prudential Regulation Authority in 2019. It subsequently developed its operating model around SME banking and expanded both organically and through acquisitions. Richard Davies, formerly chief operating officer of Revolut, became Allica’s chief executive in July 2020. The business current account was launched in January 2023, giving the bank a broader day-to-day banking relationship with business customers in addition to its lending and deposit products. Allica has raised substantial private funding during its expansion. Warwick Capital Partners led a £26 million funding round in September 2020. In November 2021, the bank announced a £110 million Series B round led by Atalaya Capital Management together with Warwick Capital Partners. Existing investors and British Business Investments provided a further £55 million in June 2022, followed by a £100 million round led by TCV in December 2022. These transactions supported the bank’s technology, lending capacity, and acquisition-led growth. The available reference material does not establish a public listing, and the company is described as privately held. The bank has also expanded through targeted acquisitions. It acquired the British SME lending portfolio of Allied Irish Banks, consisting of approximately £600 million of loans to around 2,000 customers; the transaction was reported as completed in August 2022 after being announced in November 2021. In August 2024, Allica acquired specialist bridging lender Tuscan Capital. In October 2025, it acquired Kriya, entering invoice finance and embedded payments and stating an ambition to reach £1 billion in invoice-finance lending by 2028. Allica reported its first full-year profit in 2023 and said that it had lent more than £2 billion to SME businesses since launch, a 47% increase from the previous year. By the end of 2023 it was reported to have approximately 2,000 business current-account customers. Its 2025 annual results reported more than 14,000 business current-account customers and total lending above £3.7 billion. The bank has principal locations in London and Milton Keynes, with an additional office in Manchester. Its growth has been recognized in private-company and technology-company rankings. Deloitte’s 2023 UK Tech Fast 50 identified Allica as the fastest-growing UK fintech ever in that ranking, while The Sunday Times 100 in June 2024 identified it as the UK’s fastest-growing private company. In March 2025, it was listed as the second-fastest-growing company in Europe in the Financial Times FT1000 for 2025. Reference material also reports that Allica reached unicorn status in February 2026 following a funding round and a valuation of $1.2 billion; this is retained as a dated reported development rather than evidence of a public-market valuation. Overall, Allica’s brand is associated with specialist UK SME banking, relationship-led business finance, and technology-enabled expansion across adjacent financial services. Its growth has been recognized by private-company and technology rankings. Deloitte’s 2023 UK Tech Fast 50 identified Allica as the fastest-growing UK fintech in that ranking, while The Sunday Times 100 named it the UK’s fastest-growing private company in June 2024. In March 2025, it was ranked second among Europe’s fastest-growing companies in the Financial Times FT1000. Reference material also reports that Allica achieved unicorn status in February 2026 after a funding round that included Ventura Capital, GLG, Sona Asset Management, TCV, and Blue Owl, with a reported valuation of $1.2 billion; this is treated as a dated reported development rather than evidence of a public-market valuation. The same report said the bank served more than 30,000 businesses across current-account, savings, and lending products. Overall, Allica’s brand is associated with specialist UK SME banking, relationship-driven commercial finance, and technology-driven expansion across adjacent financial services.

Allica Bank is a UK challenger bank created to serve established small and medium-sized businesses. It received its banking licence from the Prudential Regulation Authority in 2019, establishing the regulatory foundation for its deposit-taking and lending activities. Its model focuses on the practical financial needs of operating companies, including borrowing, savings, current-account banking, and payments. A significant leadership change occurred in July 2020, when Richard Davies, formerly Revolut’s chief operating officer, became chief executive. That year Warwick Capital Partners led a £26 million funding round. Allica continued to raise private capital as it expanded its technology and lending platform. In November 2021 it announced a £110 million Series B round led by Atalaya Capital Management with Warwick Capital Partners. In the same period, it agreed to acquire Allied Irish Banks’ UK SME lending portfolio, comprising approximately £600 million of loans to around 2,000 customers. The transfer was reported to have completed in August 2022. Allica raised an additional £55 million in June 2022 from Warwick, Atalaya, and British Business Investments, an organisation associated with the British Business Bank. In December 2022, TCV led a further £100 million round alongside existing investors Warwick and Atalaya. These fundraisings helped support the bank’s growth in SME finance and its development as a broader business-banking provider. The launch of the business current account in January 2023 marked an important product expansion. It enabled Allica to pursue more complete primary banking relationships with businesses rather than concentrating mainly on lending and deposits. By the end of 2023, the bank was reported to have about 2,000 business current-account customers. It also reported its first full-year profit and said cumulative lending to SME businesses had exceeded £2 billion, up 47% on the previous year. The company pursued further expansion through acquisitions. In August 2024, it acquired Tuscan Capital, a specialist bridging lender. In October 2025, it acquired Kriya, taking the bank into invoice finance and embedded payments. Allica stated an ambition to build invoice-finance lending to £1 billion by 2028, indicating a strategy of extending from conventional SME banking into connected working-capital and payments services. Allica’s growth was recognized by several external rankings. Deloitte’s 2023 UK Tech Fast 50 identified it as the fastest-growing UK fintech ever in that ranking. In June 2024, The Sunday Times 100 named it the UK’s fastest-growing private company. The Financial Times FT1000 for 2025 placed it second among Europe’s fastest-growing companies. Allica’s 2025 annual results reported more than 14,000 business current-account customers and total lending above £3.7 billion. The company’s main headquarters are in London and Milton Keynes, and it also has an office in Manchester. Reference material reports that Allica achieved unicorn status in February 2026 after a funding round that included Ventura Capital, GLG, Sona Asset Management, TCV, and Blue Owl, with a reported valuation of $1.2 billion. The same report said the bank served more than 30,000 businesses across current-account, savings, and lending products. Allica remains a private, active UK banking brand focused on SME customers.

• 2026

  Reported unicorn valuation

  [1]Allica Banken.wikipedia.org

  Reference material reports a $1.2 billion private valuation and unicorn status following a funding round.

• 2025

  Kriya acquired

  [1]Allica Banken.wikipedia.org

  Allica acquired Kriya, expanding into invoice finance and embedded payments.

• 2024

  Tuscan Capital acquired

  [1]Allica Banken.wikipedia.org

  The bank acquired specialist bridging lender Tuscan Capital.

• 2023

  Business current account launched

  [1]Allica Banken.wikipedia.org

  Allica launched a business current account and reported its first full-year profit.

• 2022

  AIB SME lending portfolio transfer completed

  [1]Allica Banken.wikipedia.org

  The acquisition of Allied Irish Banks’ UK SME lending portfolio was reported as completed.

• 2021

  Series B financing announced

  [1]Allica Banken.wikipedia.org

  Allica announced a £110 million Series B funding round led by Atalaya Capital Management.

• 2020

  Richard Davies becomes chief executive

  [1]Allica Banken.wikipedia.org

  Former Revolut chief operating officer Richard Davies was appointed chief executive.

• 2019

  UK banking licence obtained

  [1]Allica Banken.wikipedia.org

  Allica obtained its banking licence from the Prudential Regulation Authority.

A UK challenger bank combining digital banking capabilities with specialist lending and financial services for established small and medium-sized businesses.

• Business banking · 2023

  Business current account

  A current-account service for UK business customers, launched in January 2023. It supports Allica’s effort to become a more complete primary banking provider for SMEs, complementing its lending and savings activities. The available reference material does not specify detailed fees, account features, eligibility rules, or payment limits.

• Business deposits

  Business savings

  Savings and deposit products intended for UK business customers seeking to hold and manage company cash. They form part of Allica’s broader SME banking proposition alongside current accounts and lending. Specific account names, rates, terms, and access conditions are not established by the supplied reference material.

• Business finance

  SME lending

  Commercial lending for established small and medium-sized businesses. Lending is a central part of Allica’s positioning and has expanded through both direct origination and the acquisition of existing SME loan portfolios. The supplied sources report more than £3.7 billion in total lending in the 2025 annual results but do not provide a complete product catalogue or pricing schedule.

• Specialist lending · 2024

  Bridging finance

  Specialist short-term property and business finance associated with Tuscan Capital, acquired by Allica in August 2024. The acquisition broadened Allica’s exposure to specialist bridging lending within the SME and commercial-finance market. Product-level terms and customer eligibility are not detailed in the supplied references.

• Working-capital finance · 2025

  Invoice finance

  Working-capital finance entered through Allica’s acquisition of Kriya in October 2025. The business stated an ambition to reach £1 billion in invoice-finance lending by 2028, linking the product to its strategy of serving SME cash-flow and receivables needs.

• Business payments · 2025

  Embedded payments

  Payment capabilities associated with the Kriya acquisition in October 2025. The move extended Allica beyond traditional deposits and lending into payment services that can be integrated into business and financial workflows. The available material does not specify the full product architecture or commercial availability.

• 2025

  Acquisition of KriyaM&A

  Background

  Allica aimed to broaden its offering from banking and lending into working-capital finance and payment infrastructure.

  Action taken

  The bank acquired Kriya in October 2025.

  Aftermath

  Allica entered invoice finance and embedded payments and stated an ambition to reach £1 billion in invoice-finance lending by 2028.

  Source

• 2024

  Acquisition of Tuscan CapitalM&A

  Background

  Allica sought to expand its SME finance capabilities into specialist lending.

  Action taken

  Allica acquired bridging lender Tuscan Capital in August 2024.

  Aftermath

  The acquisition added specialist bridging finance to the bank’s broader business-finance platform.

  Source

• 2023

  Launch of the business current accountProduct launch

  Background

  Allica had developed a proposition centered on SME lending and savings but sought to deepen its everyday banking relationship with business customers.

  Action taken

  The bank launched its business current account in January 2023.

  Aftermath

  By the end of 2023, it was reported to have approximately 2,000 business current-account customers.

  Source

1. 1Allica Banken.wikipedia.org