FinTech Journey Of Success: London-based digital banking services provider, Allica Bank

Table of Content

• Company Overview
• Company Expertise
• Fundraising round
• Achievements

Allica Bank Limited is a FinTech company that functions via its Digital Banking Platform (DBP) and a network of regional banking institutions, offering branchless banking services to organizations and customers. 

Company Overview: 

• Allica Bank was founded in the year 2017.
• Headquartered in London, England, United Kingdom.
• Founder:
  • Jason Scott;
• Team:
  • Richard Davies, who is the company’s Chief Executive Officer (CEO);
  • James Heath, who is the company’s, Chief Financial Officer;
  • Toby Mason, who is the company’s, Chief Operating Officer;
  • Ravneet Shah, who is the company’s, Chief Technical Officer;
  • Conrad Ford, who is the company’s Chief Product and Strategy Officer;
  • Neil Sculley, who is the company’s, Chief Risk Officer;
• The number of employees working at the firm is over 250.
• The firm has had five fundraising rounds, where it raised a total of around 221 Million Pound Sterling (GBP).

Company Expertise:

• Small and Medium Enterprises (SME) Banking,
• Business Mortgages,
• Business Loans,
• Business Banking,
• Asset Financing,
• Savings.

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Fundraising Rounds and Investors:

• In September 2020, the company had its Series A round of funding, raising around 26 Million Pound Sterling (GBP). The investor of this round was:
  • London-based investment management firm, Warwick Capital Partners LLP;
• In November 2021, the company had its Series B round of funding, raising around 110 Million Pound Sterling (GBP). The investors of this round were:
  • London-based investment management firm, Warwick Capital Partners LLP;
  • New York-based investment management company, Atalaya Capital Management LP;
• In November 2021, the company raised Debt which amounted to around 7.5 Million Pound Sterling (GBP). The investors of this round were:
  • London-based investment management firm, Warwick Capital Partners LLP;
  • New York-based investment management company, Atalaya Capital Management LP;
• In June 2022, the company had its Late VC funding round, which raised around 25 Million Pound Sterling (GBP). The investors of this round were:
  • London-based investment management firm, Warwick Capital Partners LLP;
  • New York-based investment management company, Atalaya Capital Management LP;
• In June 2022, the company raised Debt which amounted to around 30 Million Pound Sterling (GBP). The investor of this round was:
  • Sheffield-based investment management firm, British Business Investments;

Small and Medium-sized Enterprises (SMEs) are a major focus for Allica Bank, which is committed to helping, enabling, and assisting them. The company provides professional banking services for enterprises in the United Kingdom (UK) by integrating cutting-edge and potent technology with the community.  

Achievement

During 2021, Allica grew its SME lending to over £560 million – more than 12 times higher compared to end 2020 and is forecasting to complete £3 billion of lending to established SMEs in the next 3 years. Deposits have also grown to over £800 million by end 2021.

The bank has built strong financial momentum at the same time. Annual net operating income increased to £7.8 million in 2021, and April year to date net operating income has already exceeded this at £10.1 million, driving the bank towards monthly profitability in 2022.

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