In its 2022 financial report, the SME bank revealed a full-year pre-tax loss of £1.6m, following a £25m pre-tax loss in 2021, and after turning monthly profitable in June 2022.

Allica Bank also reported revenue growth of 534%, as well as a 78% rise in deposits to £1.5bn.

The business grew its customer base by over 1,400 after migrating AIB’s GB SME loan portfolio, and raised £155m in capital, with a Series C funding round bringing in £100m in December 2022.

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Richard Davies, CEO at Allica Bank (pictured above), commented on the results: “2022 was a landmark year for Allica: becoming profitable, delivering amazing growth in deposits, lending and revenue, launching our flagship business rewards account, and completing our Series C funding round in an extremely challenging market.

“Allica has entered 2023 with an excellent platform to continue to grow and expand its offer to SMEs and, in Q1, we’ve already seen profitability growing strongly, with very prudent capital and liquidity positions supporting our continued growth.”

The company has also appointed Patrick Magee, formerly chief commercial officer at the British Business Bank, as non-executive director.