UK business lender Allica Bank said it is set to hit profitability for the first time this year after its loan book ballooned to £560m in 2021.
London and Milton Keynes-headquartered Allica, which earned its banking licence in September 2019, said deposits grew to over £800m last year while business lending soared to more than 12 times higher than 2020.
Bosses said it had been a stellar year for the firm.
“Allica has had an exceptional year and we’re rapidly becoming a major force in SMEbanking at a time when SMEs are looking for a true alternative in the banking Market,” Richard Davies, CEO of Allica Bank, said.
The fintech challenger bank last year snapped up AIB’s GB SME lending portfolio which swelled its customer base by around 2000 and its loan book to £0.6bn.
Growth at the firm has been supercharged by a £110m November funding round led by Atalaya Capital Management, with bosses now eyeing up another growth push this year.
The bank expects to see £1bn in committed loan offers in 2022, up from £500m in 2021, with £3bn of lending to established dished out to SMEs in the next 3 years.