Allica Bank has announced that it grew SME lending to over £560m in 2021.
The challenger bank said it will reach profitability in 2022 and forecasts to complete £3bn of lending to SMEs in the next three years.
Allica Bank published its 2021 business performance update, which highlighted the rapid scaling of the business in its first two years of operation. Its SME lending growth to over £560m was more than 12 times higher compared to 2020, the first year of the bank’s operations.
Figures also confirmed that Allica’s deposits grew to over £800m in 2021, while its net operating income increased to £7.8m, up from £0.2m in 2020.
“Allica has had an exceptional year and we’re rapidly becoming a major force in SME banking at a time when SMEs are looking for a true alternative in the banking market,” said Allica CEO, Richard Davies.
“We have laid robust foundations for an innovative full banking offering, and believe we are uniquely positioned to become a genuine alternative to the incumbent banks for established SMEs, who make up around 30% of the economy – and we’re seeing growing signs that the Allica proposition and service is gaining traction against the big five banks in the established SME segment.
“Looking ahead, we’re hugely excited about the plans for our customer proposition which are being enabled by Allica’s proprietary technology and data capabilities.”
AI, finfluencers and the future of broking
The mortgage industry is evolving faster than ever. In this MoneyAge video, we examine the opportunities and challenges redefining the broker landscape, from AI-powered lending and changing customer expectations to housing affordability, property supply and the rise of financial influencers. Our guest from Chorley Building Society shares practical insights on what brokers need to do to stay relevant and thrive in a rapidly changing market.
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories