The Venture Codex

Participated · Series C · Dec 2022

Allica Bank is a fintech challenger bank purpose-built for established SMEs with 5–250 employees, combining bespoke modern technology with dedicated human relationship managers. Its product suite spans business current accounts, lending solutions, and savings offerings tailored to the needs of growing companies. The bank currently serves more than 30,000 UK businesses, representing roughly 5% of its addressable market, and aims to double that share to 10% by 2028. Management plans to deepen technology investment, scale marketing, and enhance product features to drive domestic growth. With fresh capital, Allica also intends to explore international expansion opportunities. The Series D round values the company at $1.2 billion, underscoring investor confidence in its growth trajectory and business model.