Allica Bank Doubles Down on SME Growth, Nearly Doubles Profits to £29.9M
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Allica Bank, a UK-based SME-focused digital challenger, has reported a pre-tax profit of £29.9 million for 2024, marking an 86% increase from the previous year. The bank's gross revenue surged by 68% to £292.1 million, bolstered by significant investments in proprietary technology and digital infrastructure.
The bank's loan book now tops £3 billion, with customer deposits surpassing £4 billion. Allica also welcomed 6,000 SMEs to its Business Rewards Account and acquired bridging finance firm Tuscan Capital to expand its lending muscle.
"Allica has invested heavily in our proprietary technology to make sure we can scale fast and support even more established SMEs," said CEO Richard Davies.
With over 3,500 tech updates rolled out last year—including integrations with Wise, Sage, and Xero—Allica is proving it's not just another neobank. Named the UK's fastest-growing private company by The Times and top tech firm by Deloitte, Allica is positioning itself as the go-to bank for the UK's growth SMEs.
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INSIGHTS
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PAYMENTS NEWS
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OPEN BANKING NEWS
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REGTECH NEWS
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DIGITAL BANKING NEWS
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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DONEDEAL FUNDING NEWS
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M&A
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MOVERS AND SHAKERS
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