The top 100 list collectively raised a sum of £9.5bn in funding and generated £6.5bn in revenue in the past three financial years, with an average two-year compound annual growth rate (CAGR) of 172%.

Allica Bank, which was granted its UK banking licence in 2019, achieved a CAGR of 1438.9%,  almost doubling Artios Pharma which was in second place.

The news follows the lender topping the 2023 Deloitte UK Tech Fast 50 rankings, where Allica recorded the third largest growth rate in the 26-year history of the awards.

“We’ve grown quite fast in the last three to four years but, importantly, we've grown sustainably as well,” said Niv Subramanian, chief lending officer at Allica Bank (pictured above).

“We were always conscious of the success we have so far seen, but it's very nice to be recognised for that externally as well,” she commented.

With these past two awards, it’s clear the bank’s growth hasn’t gone unrecognised, especially following a slew of awards, such as winning Commercial Lender of the Year at the B&C Awards in 2021, 2022, and 2023.

Niv is keen to show that these winnings themselves are being utilised by herself and the team.

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“Getting that kind of recognition from our broker community motivates us a lot. Our core focus is to build for our broker partners and customers.”

According to Niv, the accolades also help the bank to reach its targets in competing with larger banks, raising recognition, and showing customers that Allica has what it takes to not only compete but thrive.

“[Receiving] these awards also says, ‘Well, not only are they fast paced and able to help you quickly, they're also establishing themselves while becoming more sustainable and succeeding in what they're doing’.

“It helps us take on the more established brands a lot easier with this kind of credibility behind us.”

However, Niv is still keen that the business doesn’t let its recent award-winning success get to its head.

“For us, our mission is very much that our customers and our brokers recognise us… sure, you can grow your business but, if your customers — your core network — don’t believe in you, at some point that's going to peter out.”

“We have a long way to go before we can say that we’ve reached where we want to get to, but this is us being able to see the fruits of the first three years’ hard work that's gone in.”