UK challenger bank, Allica Bank has secured £100m in Series C funding in a round led by TCV, supported by Warwick Capital Partners and Atalaya Capital Management.
Its newly acquired funds will allow the SME lending business to continue scaling. In addition to lending, the bank also offers savings accounts, asset finance, commercial mortgages and personal savings accounts.
Richard Davies, chief Executive, Allica Bank, said: “It’s a massive vote of confidence in the team we’ve built at Allica to attract backing from such a world-class technology investor under the toughest of market conditions, and this £100 million funding round will enable us to support far more of Britain’s established and growth companies, who have been underserved for too long.”.
The latest funding round follows a £30m investment into Allica from British Business Investments in June. Allica Bank in September announced that it had achieved profitability eight years after it was founded in 2014 by Jason Scott.
Earlier this year, Allica had lent over £1bn to businesses and in August acquired AIB’s customers.
Michael Kalfayan, partner, TCV, said: “Richard and team have built a truly impressive platform that is looking to solve a great need for UK established SMEs, a highly complex segment to serve.”
Notable prior backings by TCV include Airbnb, Netflix, Spotify and Revolut.