Allica Bank company profile: valuation, funding & revenue

This Allica Bank company profile covers the company's valuation, revenue, funding rounds, investors and history. Allica Bank works in fintech, with a focus on business banking for SMEs. It was founded in 2019 and is headquartered in London, England, United Kingdom. Its latest valuation on record is About US$1.2 billion (about £886 million) (February 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Allica Bank timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2019 — Allica Bank is founded in London by Founding team; Richard Davies (CEO).
• Feb 2026 — Series D: About US$155M, valuing the company at About US$1.2B. Investors: Ventura Capital (lead); GLG, Sona Asset Management; TCV, Blue Owl.
• February 2026 — Customers: More than 30,000 established UK small and medium-sized businesses, about 5% of its target market.

Investors

Overview

Allica Bank is a UK bank built for established small and medium-sized businesses, the firms with roughly 5 to 250 employees that make up a large part of the UK economy but that the company believes are poorly served by both big banks and fintechs. It offers business current accounts, savings, commercial mortgages, asset finance and other lending, combining a digital platform with relationship managers who know local markets. It has grown into one of the UK's fastest-growing banks, and in February 2026 it raised about US$155 million in a Series D that valued it at about US$1.2 billion, making it one of the newest UK fintech unicorns.

Allica received its UK banking licence and launched in 2019. Richard Davies, an experienced banking executive, serves as CEO. Allica's thesis is that most fintechs have focused on start-ups and sole traders, while the large banks have reduced their local presence, leaving established businesses such as manufacturers, care homes, accountants and retailers without a bank that understands them.

Products

• Business current account: a digital account with features such as cash back on card spending and integrations with accounting software.
• Business savings: savings accounts for business deposits.
• Commercial mortgages: loans secured on business property, a core product.
• Asset finance: funding for vehicles, machinery and equipment.
• Growth finance: lending for expansion and working capital.
• Personal savings: savings accounts for individuals, a source of deposit funding.

Funding

Allica has raised capital from investors including TCV and Blue Owl. In February 2026 it announced a Series D of about US$155 million, led by Ventura Capital with GLG and Sona Asset Management and existing investors TCV and Blue Owl, valuing it at about US$1.2 billion (about £886 million). Most of the round was common equity, with a portion of additional Tier 1 capital, a type of regulatory capital for banks. Reports differ slightly on the exact amount, with some databases showing about US$150 million.

Business model

As a bank, Allica earns the difference between interest on its loans and interest paid on deposits, along with fees. Its lending is largely secured on property and assets, which can reduce losses compared with unsecured lending. Deposits from personal and business savers fund the loans. Its operating model combines technology for efficient processing with local relationship managers, many of them experienced bankers who left larger banks, aiming to deliver personal service at lower cost.

Competition

Allica competes with large banks such as Lloyds, NatWest, Barclays, HSBC and Santander; with challenger and specialist banks such as OakNorth, Shawbrook, Aldermore, Metro Bank and Starling; and with fintechs such as Tide and Funding Circle. Its focus on established SMEs and its mix of digital tools and relationship managers set it apart from fintechs aimed at very small businesses.

Allica Bank at a glance

Allica Bank is a London-based UK bank for established small and medium-sized businesses, launched in 2019 and led by CEO Richard Davies. It serves more than 30,000 businesses with accounts, savings and lending. It raised about US$155 million in a February 2026 Series D led by Ventura Capital, valuing it at about US$1.2 billion.

Timeline

• 2019: receives its UK banking licence and launches.
• 2020–2022: grows commercial mortgage and asset finance lending.
• 2022–2024: launches business current accounts and raises growth capital.
• February 2026: raises about US$155 million at about US$1.2 billion.

The established SME gap

Established small and medium-sized businesses often need more than a basic app account: they borrow for property and equipment, handle larger payment volumes and want someone who understands their sector. Over the past two decades, large UK banks closed many branches and centralised decision-making, making it harder for these businesses to get personal attention. Allica's model, with local relationship managers supported by efficient technology, targets this gap. It says it serves about 5% of its target market and aims to reach 10% by 2028.

International expansion

Allica said the Series D would fund UK growth, technology investment including AI-driven lending, and the start of international expansion. Expanding a bank abroad requires new licences or partnerships, so progress outside the UK is likely to be gradual.

Who uses Allica Bank

Allica's customers include manufacturers, professional services firms, care providers, hospitality and retail businesses, property owners and other established UK SMEs, along with personal savers who fund its lending.

Valuation context

Banks are often valued on profitability and book value rather than revenue growth. Allica's valuation of about US$1.2 billion reflects strong growth for a young bank. It joins OakNorth and Starling among UK challenger banks valued at more than US$1 billion.

Risks

• Credit cycle: SME defaults rise in recessions.
• Property exposure: commercial property values affect secured lending.
• Funding costs: competition for deposits affects margins.
• Regulation: capital requirements limit growth speed.

Questions for business customers

• Will you have a named relationship manager?
• Which lending products and sizes fit your plans?
• Are your deposits covered by the UK's FSCS protection?

How challenger banks fund SME lending

Unlike fintechs that rely on investors buying their loans, a licensed bank like Allica funds most of its lending with deposits. It attracts savings from individuals and businesses by offering competitive rates, and lends those funds to businesses at higher rates, keeping the difference after costs and losses. Regulators require banks to hold capital against their loans, so a growing bank must keep raising equity or retaining profits to expand its loan book. That's why Allica's Series D included regulatory capital alongside ordinary equity: each pound of capital supports many pounds of lending. The model is less exciting than software, but it can be steadily profitable when credit is managed well, which is why investors value banks on returns on equity and book value. Allica's challenge is to keep growing quickly without loosening lending standards, especially as economic conditions for UK small businesses remain mixed.

Latest developments (October 2026)

Allica Bank's 2025 results, published in April 2026, showed a third consecutive profitable year, with underlying pre-tax profit up 34% to £43.7 million and revenue up 27% to £371.3 million, according to Crowdfund Insider. New lending topped £1.3 billion for the second year in a row, and the bank serves more than 30,000 established small and medium-sized businesses. Those results followed the February 2026 Series D of about US$155 million that valued it at close to US$1.2 billion, which it said would fund lending growth, AI and its first expansion beyond the UK.

What to watch

Watch lending growth, profitability, international expansion and competition from larger banks. Our guide to the largest European startups provides context.

Takeaways

Established SMEs gain a bank focused on their needs. Founders can see how a clear focus on an underserved segment can build a bank. Investors should watch credit quality as it scales.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Pulse 2.0
2. Tech.eu