Allica Bank, the fintech challenger bank, announced its loan balances surpassed £3bn in lending in November, as it aims to take a 10% share of the SME lending market.
The bank said its business loan balances were 64% higher, with £1bn of new lending across this year.
This performance comes after Allica Bank saw its first full year of profitability in 2023. Its full-year results for this period will be published in April 2025, but the bank said it had seen “substantial growth” in the last few months.
Allica Bank said it wanted to continue growing sustainably and change the SME market for the better.
The lender said its core offering was at the centre of its performance, with its use of technology and human support and the design of its products.
Richard Davies, CEO of Allica Bank, said: “Our success over the past few months illustrates the continued hard effort and razor-sharp focus of the Allica team to build products that truly meet the needs of established businesses. These SMEs, with typically 5-250 employees, are such a critical part of the UK economy and our communities – they contribute a third of UK employment and GDP – but have been ignored by the incumbents for too long.
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“The pace of Allica’s growth is testament to the frustration that our customers feel with the status quo, and that Allica is offering a real alternative. We will continue to fight the corner for established SMEs who are so often overlooked and develop our offering even further for them.”
Earlier this year, Allica Bank acquired Tuscan Capital as part of its entry into the bridging sector.
