Allica Bank’s Rise as UK’s Fastest Growing Fintech Ever

Fintech Awards | Nov 24, 2023

Allica Bank:  Recognized As The Fastest Growing UK Fintech Ever

According to Deloitte’s UK Fast 50 awards, Alicia, a challenger bank focused on supporting established businesses employing 10 to 250 people, became one of the fastest UK fintechs to reach profitability, accomplishing this feat in just over two years after it began its lending operations.

Founded with a vision to revolutionize the way businesses interact with financial services, Allica has been at the forefront of offering bespoke banking solutions. Their approach combines the best of technology and personalized service, catering to the unique needs of small and medium-sized enterprises (SMEs), a segment often overlooked by traditional banks, Allica has tapped into a lucrative and underserved market

Innovation at the Core

At the heart of Allica’s success is its innovative use of technology. The company leverages advanced data analytics and machine learning to offer tailored financial products. This tech-driven approach enables Allica to make quicker and more accurate lending decisions, a crucial factor for businesses seeking swift financial solutions.

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Milestones

In 2023, Allica Bank achieved significant financial milestones and garnered numerous accolades:

  • By mid-2023, Allica reached an impressive £2 billion in deposits.
  • The bank saw a 139% increase in SME lending balances in 2022, rising to £1.35 billion from £566 million in 2021.
  • Allica recorded a net operating profit of £6.9 million in 2022.

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  • In late 2022, the bank successfully raised £100 million in capital from TCV, a notable growth tech investor known for backing companies like Netflix and Spotify.
  • Allica won the Best Business Finance Provider at the 2023 British Bank Awards and AltFi’s Editor’s Choice 2022 award. It was also named the SME Neobank of the Year at the 2023 Qorus SME Banking Awards. In total, the bank has won over 15 awards in the past 12 months.

The Road Ahead

As Allica continues to grow and expand its offerings, it sets a new standard for what fintechs can achieve. Its journey from a promising startup to the fastest-growing fintech in the UK is a story of innovation, resilience, and a deep understanding of customer needs – elements that will continue to shape the future of financial services.

 

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