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Allica Bank set to hit £1 billion in committed lending offers in 2022

  • Acceleration in Allica’s growth supported by further investment in the bank’s proprietary tech
  • Lending growth – backed by strong funding capability – is set to double throughout 2022, with the bank expected to make £1 billion in committed lending offers this year
  • Successful expansion is underpinned by senior technology appointments – including a new CTO and Vice President (VP) Data – with the bank’s product, technology and engineering teams set to expand to over a hundred staff by Q3 2022
  • Announcement follows Allica’s acquisition of AIB’s British SME lending portfolio and comes during period of accelerated growth and expansion across all aspects of the business
  • Allica increases maximum customer exposure for asset finance and the care home sector to £1 million and £10 million respectively

Allica Bank – the fintech challenger bank that seeks to empower Britain’s established small and medium sized businesses – has today announced a commitment to offer £1 billion in committed loans in 2022.

The new 2022 lending target is double Allica’s £500 million commitment for 2021; this target was exceeded, with Allica eventually offering over £540 million to Britain’s SMEs.

The new commitment comes during a period of accelerated growth as the bank scales to become a major force in serving SME businesses, delivering the funding, technology and expertise needed at what is a crucial time for British business.

Allica recently acquired AIB’s £0.6 billion British SME lending portfolio and plans to launch its pioneering Business Rewards Account later this year.

Allica has recently made a number of key senior technology appointments, including Ravneet Shah as the bank’s new Chief Technology Officer, and Jitse-Jan van Waterschoot as VP Data.

The bank is also strengthening its investment in its proprietary technology by increasing its product, data and engineering teams to over a hundred staff in the Autumn of 2022.

Expansion and growth across key sectors

Allica announced this month that it has doubled the maximum customer exposure for asset finance to £1 million after the bank disclosed it had broken its monthly asset finance lending record three months in a row from January to March.

Allica has also revealed it is to increase its maximum customer exposure for care home sector customers to £10 million, in a show of support for the sector. The decision will allow Allica to strengthen its proposition for new care home operators as well as more established operators looking to grow.

Richard Davies, Chief Executive Officer, Allica Bank, commented:

“Allica exists to support Britain’s established small and medium sized businesses, which have been chronically underserved by the banking sector. We are therefore very proud that our bank’s strong performance has enabled us to commit to making £1 billion in committed loan offers to these firms in 2022 – a further key milestone in Allica’s journey towards becoming the lender of choice to British businesses.

“We are excited by Allica’s further expansion of its proposition in the care home sector. We understand that both SME care home operators and brokers are looking for a lender who can support not just the first acquisition but, subsequent acquisitions too. We hope that by increasing our exposure to £10 million, we will support many more operators to strengthen and scale their businesses.

“Our asset finance proposition has come on in leaps and bounds since its launch. By doubling our maximum asset finance maximum customer exposure to £1 million, we will be able to support more SMEs to finance their ambitions as they look to bounce back from the pandemic. Allica will also be able to play a greater part in supporting businesses towards their sustainability and net-zero goals.

“Allica Bank is extremely well positioned to help brokers and Britain’s community of established SMEs strengthen and scale their businesses. In 2022, we will continue to develop our products and services, as we continue on our mission to reimagine relationship banking for SMEs.”

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