The milestone comes on the back of extensive work by the bank to diversify its deposit-raising channels.

Alongside launching its own range of personal and business savings accounts, it has partnered with Flagstone, which enabled Allica Bank to become the primary UK savings account partner for Revolut’s ‘Vaults’ product, and for digital savings app Chip.

The bank has also partnered with investment management platform Hargreaves Lansdown.

Richard Davies, CEO of Allica Bank, said of the achievement: “It’s fantastic to have reached this milestone so quickly in Allica Bank’s journey. 

“Our goal has always been to harness our technology to create a diversified and scalable model for raising deposits to fund our business lending. 

“By partnering with Revolut, Chip, Flagstone and Hargreaves Lansdown, and reaching £1bn in deposits, we’ve made huge progress over the last year.

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“This has to be backed up with an unbeatable experience for both our customers and partners, and it’s testament to the hard work of the whole Allica team that we have continued to receive such positive feedback as our deposit book increases. 

“This sustainable approach puts us in an incredibly strong position to continue our growth over the coming years.”

Since launching in March 2020, the bank has undertaken several important moves to continue its growth, including acquiring AIB’s £600m SME lending portfolio and signing a new £110m funding round.

In addition, the bank has also recently promoted Ravneet Shah to chief technical officer, Nick Baker to chief commercial officer and Nick Moss to director of lending products.