The lender also saw its deposits grow to over £800m last year, and its net operating income increase to £7.8m (2020: £200,000).

Following its successful annual performance in 2021, Allica Bank expects to make £1bn in committed loan offers this year, and complete £3bn of lending to established SMEs in the next three years.

The bank also predicts it will reach profitability during 2022, with monthly revenues having already grown to £2.7m by April.

Over the past 12 months, Allica Bank has hit numerous milestones, including the successful completion of its £110m Series B funding, as well as the acquisition of AIB Group’s £600m SME lending book in in November 2021.

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The specialist lender has also introduced a new specialist commercial mortgage product for care homes run by independent or small group operators, and expanded its commercial mortgage products in Scotland.

“Allica Bank has had an exceptional year and we’re rapidly becoming a major force in SME banking at a time when SMEs are looking for a true alternative in the banking market,” said Richard Davies, CEO at Allica Bank.

“We have laid robust foundations for an innovative full banking offering, and we believe we are uniquely positioned to become a genuine alternative to the incumbent banks for established SMEs.

“Looking ahead, we’re hugely excited about the plans for our customer proposition which are being enabled by Allica’s proprietary technology and data capabilities.

“Our Business Reward Account will launch shortly, providing much-needed competition in current accounts.”