According to the bank’s CEO Richard Davies (pictured above), the SME fintech lender has been profitable on a monthly basis since June 2022, just over two years since opening its doors to lending in March 2020.

This milestone has been underpinned by its successful lending performance throughout the last two years.

Since its launch, the bank has lent over £1bn to SMEs, and is expecting to complete £3bn of lending in the next three years.

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In addition, its new lending is close to reaching £1bn on an annualised basis, with almost £80m in new lending registered each month of Q3 2022.

“Allica has hit a number of milestones since launching, but reaching profitability in close to record-breaking time is one of the proudest achievements so far,” said Richard.

“We have an amazing team at Allica with a crystal-clear focus on serving established SMEs too often left behind by the high street banks, and not served by most other digital lenders. 

“Since opening our doors to lending in March 2020, we have made exceptional progress, demonstrating the gap in the UK’s finance ecosystem for a bank dedicated to serving the established SME market — and we’ll continue to push to support SMEs as we grow over the years ahead.”