back Back

Allica Bank raises over £1b in deposits

By Leandra Monteiro

March 21, 2022

  • Allica Bank
  • Challenger Bank
  • Chip
Share

Allica Bank Allica Bank, a leading FinTech SME challenger bank, has revealed it has raised over £1 billion in deposits from business and personal savers. Allica is the only FinTech challenger bank in the UK dedicated to providing a full range of credit and payment services to established, growing SMEs – combining proprietary technology and experienced local relationship managers to provide a great customer experience.

The bank has built strong momentum since launching in March 2020, having concluded a £110 million Series B funding round in November last year, alongside an agreement to acquire c.2,000 SME customers and c.£0.6 billion of associated SME lending from AIB Group (UK) Plc.

This milestone comes on the back of extensive work by the bank to diversify its deposit-raising channels. Alongside launching its own range of personal and business savings accounts, it has partnered with Flagstone, which has enabled Allica to become the primary UK savings account partner for leading global FinTech Revolut’s ‘Vaults’ product, and popular digital savings app Chip.  Allica has also partnered with investment management platform Hargreaves Lansdown.

Richard Davies, CEO of Allica Bank, said of the achievement, “It’s fantastic to have reached this milestone so quickly in Allica Bank’s journey. Our goal has always been to harness our technology to create a diversified and scalable model for raising deposits to fund our business lending. By partnering with Revolut, Chip, Flagstone and Hargreaves Lansdown, and reaching £1bn in deposits, we’ve made huge progress over the last year.

“But this has to be backed up with an unbeatable experience for both our customers and partners. And it’s a testament to the hard work of the whole Allica team that we have continued to receive such positive feedback as our deposit book increases. This sustainable approach puts us in an incredibly strong position to continue our growth over the coming years.”

Previous Article

March 21, 2022

iink Payments raises $2.8m in seed round

Read More
Next Article

March 21, 2022

Ecospend partners with Anglian Water to offer the new ‘Pay by Bank’ payment method

Read More













IBSi Daily News Analysis

September 22, 2023

Allica Bank

Banks can capitalize on new dynamics in a changing industry, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

6 FinTech tweets you should see!

Read More

Today

CBI expands Name Check coverage via Swift’s pre-validation service

Read More

Today

Vodeno hires Philip McHugh as Chairman & Noah Sharp as CEO

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q2 2023

£1,500.00 / year

Know More
Testing & QA for NextGen Bank Tech Q3 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q2 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023