Allica Bank obtains £26m investment
Allica Bank has secured £26m in funding from existing investors and has launched a £100m funding round.
The investment will be led by existing majority shareholder, Warwick Capital Partners.
According to the bank, the purpose of the funding round is to help Allica Bank meet its current high levels of demand for finance.
Moreover, the lender has reported receiving over £1bn of enquiries from businesses in the aftermath of the COVID-19 pandemic.
The new funding round will support the bank in fast-tracking its lending to British businesses.
Richard Davies, chief executive at Allica Bank, said: “Established small and medium sized enterprises (SMEs) will be vital to the recovery and health of the UK economy, but it is clear that the supply of finance has been very badly damaged by COVID-19 outside of the government schemes.
“The time is now for Allica to scale up its operations to meet this business funding gap, bringing a blend of human relationships, deep lending expertise, and digital disruption.
“Together with potential acquisition opportunities of non bank lenders impacted by the pandemic, we intend to create the leading SME challenger bank for the decade ahead.”