London-based Allica Bank, the firm serving established small and medium-sized businesses (SMBs), announced on 25 February 2026 the successful close of a $155 million Series D capital raise. The round, which values the company at nearly $1.2 billion, marks a major milestone for the fintech player as it cements its position among Europe’s financial institutions.
New investors Ventura Capital, GLG, and Sona AM joined longstanding backers TCV and Blue Owl in the transaction. The majority of the capital comes in the form of common equity, supplemented by a portion of additional Tier 1 equity.
This structure provides Allica with both growth fuel and regulatory capital flexibility as it scales.
In just five years, the digital bank’s balance sheet has expanded to nearly £4 billion in SMB loans and more than £5 billion in deposits.
The bank now supports over 30,000 established businesses—roughly 5 percent of its core UK target market of companies typically employing 5 to 250 staff—and has set an ambitious goal of reaching 10 percent penetration by 2028.
Proceeds from the round will accelerate three strategic priorities. First, continued expansion of lending to established SMBs.
Second, deeper investment in Allica’s full-stack technology platform, with artificial intelligence playing a central role in streamlining credit decisions, risk assessment, and customer experience.
Third, and most significantly, the funding enables Allica’s debut international expansion beyond the UK.
Economic Secretary to the Treasury Lucy Rigby MP has now welcomed the announcement, noting that the UK government remains focused on measures to help fintech scale and deliver better finance to innovative British businesses while showcasing UK financial services globally.
Lead investor comments underscored the opportunity.
Mo El Husseiny, Managing Partner at Ventura Capital, described Allica as “a business executing well in a large, underserved market” and expressed excitement about supporting its move into international markets.
TCV’s John Doran acknowledged the bank’s “world-class proprietary full-stack technology” as a “truly differentiated edge in SMB banking.”
His colleague Michael Kalfayan highlighted Allica’s ability to deliver the speed, reliability, and trust customers have long demanded, positioning the firm as a frontrunner in applying AI across front- and back-office processes in financial services.
Allica CEO Richard Davies said the investment represents “a major vote of confidence in Allica’s strategy and performance.”
He added:
“We’re building the category-defining digital bank for established SMBs, and are excited to be taking our proprietary platform into new markets.”
With unicorn status now confirmed (a valuation of $1 billion+) and a clear roadmap for both local and cross-border growth, Allica Bank is poised to enhance how established businesses access banking services—first across the UK and soon other jurisdictions.