UK’s Allica Bank is pleased to share that their firm achieved their first full year of profitability in 2023.
Just three years since Allica Bank opened their doors to lending, it makes them one of the fastest fintechs in the UK to do so, the company claims.
According to the Fintech firm, 2023 was a milestone year for Allica. It was kicked off with the public launch of their business current account. Built especially with established businesses in mind, it had 2,000 customers by December.
Allica also completed over £2 billion of loans “to SMEs across the UK, bolstered with £200 million of asset finance loans in 2023 alone.”
Richard Davies, CEO at Allica Bank commented:
“Last year I wrote about Allica’s two major chapters to date, with 2022 marking the end of our second chapter where we became a business with a strong product-market fit and put in place our strategic technology and proposition foundations for the future. It was fantastic to see our hard work over the 2019–2022 period culminate in being named the UK’s fastest growing technology company in Deloitte’s 2023 Fast 50 awards, and the fastest growing UK fintech ever in the 26-year history of these awards, eclipsing Revolut who had previously held this record.”
They added:
“We started our third chapter in 2023 – where we aim to give established SMEs the banking they deserve by disrupting the existing SME banking industry that too often gives established SMEs inconvenient, impersonal and poor value services. It has been a year of strong progress to deliver an exceptional full-service proposition to established SMEs in the UK. We started to market our business current account more widely from March 2023, named the Business Rewards Account.”
They further explained:
“This account is unique in offering established SMEs full current account functionality, while rewarding customers for using it, rather than punishing them with fees. It includes free domestic payments, cashback on Visa card spend, an embedded savings pot currently paying a best-in-class 4.33%, and a named relationship manager. There are no monthly fees for the account.”
They concluded:
“Despite the growth levels we have achieved, we have continued to create a working environment that supports our people. We have grown our number of employees by 53% in the year to nearly 500 people, with 92% of those saying they love working at Allica and 92% also saying our culture supports diversity.”