UK challenger Allica Bank raises £100m in Series C led by TCV
By Gloria Methri
FinTech SME challenger bank Allica has raised £100 million in a Series C funding round led by TCV, with participation from Warwick Capital Partners and Atalaya Capital Management.
With this investment, Allica joins TCV’s roster of portfolio companies including Airbnb, Netflix, and Spotify, as well as FinTechs such as Brex, Mambu, Mollie, Nubank, Qonto, Razorpay, Revolut, Toast, Trade Republic and Zepz.
The bank says it will utilise the fund to accelerate its impact in the UK SME market, in line with the profitability milestone it achieved in June this year. Allica is a digitally-native challenger bank committed to providing a full-service banking relationship to established SMEs and entrepreneurs, offering them lending, savings, and payments.
Richard Davies, Chief Executive of Allica Bank and former executive at HSBC and Revolut, said: “From the moment we sat down with TCV it was clear we shared the same vision to transform SME banking in the UK, by taking on the mainstream ‘high street’ banking market.”
“It is a massive vote of confidence in the team we have built at Allica to attract backing from such a world-class technology investor under the toughest of market conditions, and this £100 million funding round will enable us to support far more of Britain’s established and growth companies, who have been underserved for too long.”
Michael Kalfayan, Partner at TCV said: “Richard and team have built a truly impressive platform that is looking to solve a great need for UK-established SMEs, a highly complex segment to serve. TCV is laser-focused on partnering with market-leading companies seeking to leverage technology to transform industries. Allica is a prime example of this and we’re incredibly excited to collaborate with this strong team as they work to be the country’s leading digitally native SME bank.”
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