Allica Bank

UK-based Allica Bank offers banking products and services, including asset financing and commercial mortgages, to established small and medium businesses through its proprietary banking platform (available on web and mobile) and dedicated relationship managers. It also offers personal savings accounts for individuals. Allica received its banking license in 2019 and is regulated by the Prudential Regulation Authority and the Financial Conduct Authority of the UK. The neobank had a workforce of over 184 employees as of December 2021.

Allica ventured into mortgage lending through a five-year partnership with mortgage lending platform Landbay in March 2021. Allica is expected to fund GBP 200 million worth of Landbay’s buy-to-let mortgages per year.

In November 2021, Allica acquired Ireland-based AIB’s SME loan book in the UK for GBP 600 million (approximately USD 800.9 million) in a bid to increase revenues. Following the acquisition, the bank is expected to add ~2,000 SME borrowers.

Key customers and partnerships

Allilca Bank partnered with cloud-based banking platform ClearBank to provide corporate money accounts and gain access to UK payment schemes.  It also partnered with Wise to enable its customers to make direct global payments to over 160 countries. 

Funding and Financials

In December 2022, Allica raised ​​ GBP 100 million (~USD 122 million) in a Series C round led by TCV (the investor backing other neobanks such as Nubank and Revolut ). The round also saw participation from existing investors such as Warwick Capital Partners and Atalaya Capital Management. It aimed to funnel the fresh funds to accelerate growth and improve its presence in the UK.

In 2022 , Allica Bank generated total operating income of GBP 48.3 million (USD 61.1 million; up 517.3% YoY) and a net profit of GBP 5.6 million (USD 7.1 million) compared to a loss of GBP 25.1 million (USD 31.8 million) in the prior year.