Allica Bank lends £1bn to UK SMEs

The fintech challenger bank broke its ambitious £500m committed lending offer target in 2021.

It now aims to lend £3bn to established SMEs over the next three years.

Since receiving its full banking authorisation  in September 2019, Allica has grown at a substantial pace; notably, the business welcomed circa 2,000 SME customers upon acquiring AIB’s GB SME lending portfolio in November 2021.

Richard Davies (pictured above), CEO at Allica, said: “[The company] was created with the aim of empowering Britain’s established SMEs, which have long been overlooked and underserved by the banking sector.

“Everybody at Allica is therefore very proud of achieving this momentous milestone of lending £1bn to SMEs — this is lending that will make a critical difference to helping established SMEs up and down the country to significantly strengthen and scale their businesses.

“Our ambitious, yet achievable, target of lending £3bn to SMEs over the next three years will enable us to support even more SMEs to finance their ambitions as they bounce back from the pandemic and deal with the current challenging economic climate.”