Allica Bank, a FinTech SME challenger bank, has scored £100m in a Series C funding round headed by TCV.
The round saw participation from Warwick Capital Partners and Atalaya Capital Management.
Allica claims it is the UK’s only digitally-native challenger bank committed to providing a full-service banking relationship to established SMEs and entrepreneurs, providing them with lending, savings and payments.
The firm said it has built ‘exceptional’ momentum in the three years since being granted a banking licence, delivering continuous growth and demonstrating its potential to transform the UK’s traditional SME banking market in the decade ahead.
According to Allica, this new investment allows it to scale rapidly and speed up its impact in the UK SME market, following the bank’s impressive growth, as well as its profitability milestone achieved earlier this year.
Allica CEO Richard Davies 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’s a massive vote of confidence in the team we’ve 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.”
Earlier this year, Allica Bank secured £55m in fresh funding, just seven months after raising £110m in its Series B.
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