Allica Bank’s 2022 Performance: A Fintech Success Story

Allica Bank today reports its business and financial results for 2022, confirming a number of watershed achievements across the business.

The bank has reported a fantastic business and financial performance in 2022:

• Revenue growth of 534%
• SME loan balances increase by £782m, up 139% to £1.35bn (£566m in 2021)
• Deposits up 78% to £1.5bn (£846m in 2021)
• Full year pre-tax loss £1.6m (£25m pre-tax in 2021) – became monthly profitable in June 2022, with £3m pre-tax profit in H2 2022

Through 2022, Allica made significant progress in building the UK’s best fintech challenger bank for SMEs in the decade ahead:

• Launched new business account – the Business Rewards account – which gives customers the opportunity to move all banking to Allica, with no monthly fees, market-leading savings rates and cash back on spending
  Launched new technology-driven features for customers, including Allica’s proprietary automated principle decision software for commercial mortgages – already processed over £250m in funding requests, saving thousands of hours for customers and staff
• Successfully migrated AIB’s GB SME loan portfolio (acquired in 2021) – growing Allica’s customer base by over 1,400, further proving the bank’s operational and technology capabilities
• Raised £155m in capital, with a successful £100m Series C funding round completed in December 2022, with new backing from leading global technology investor TCV (portfolio includes Spotify, Netflix and Revolut) alongside existing investors Warwick Capital and Atalaya Capital Management
• Won more than 10 industry awards a year as voted by customers and introducers, including Best Commercial Lender and Top Tech Team

Allica also announces the appointment of Patrick Magee as Non Executive Director. Patrick was Chief Commercial Officer at British Business Bank (BBB) ​​until June 2022, having worked on setting up BBB as part of the shareholder management team, and was previously Managing Director of Corporate Finance at JP Morgan Cazenove.

Commenting on Allica’s performance, Richard Davies, CEO of Allica Banksaid “2022 was a landmark year for Allica – becoming profitable, delivering fantastic growth in deposits, lending and revenue, launching the flagship Business Rewards account and completing our Series C funding round in an extremely challenging market.

“We have an obsessive focus on building a distinctive and disruptive offering for established SMEs – which represent over 30% of UK GDP.

“With the launch of our Business Rewards account – developed entirely in-house – we can now proudly say that Allica is the UK’s only full service bank dedicated to serving established SMEs.

“Allica has entered 2023 with an excellent platform to continue to grow and expand its offering to SMEs – and in the first quarter we have already seen profitability grow strongly, with very prudent capital and liquidity positions supporting our continued growth.”

Commenting on Patrick Magee’s appointment, John Maltby, chairman of Allicaso:

“We are delighted that Patrick is joining the Allica board. Patrick’s deep experience in SME finance, corporate finance and public relations will contribute to our strong board and support our ambitions to lead the SME banking market in the UK.

Allica Bank’s recently published annual report and accounts for 2022 are available at www.allica.bank/investor-relations