Allica Bank
Allica Bank is a UK digital challenger bank providing current accounts, savings, commercial mortgages, asset finance, bridging loans, and invoice finance to established small and medium-sized businesses with 5–250 employees, combining a 40+ relationship-manager network with proprietary AI-driven lending technology.
- Company typePrivate
- Founded2019
- HeadquartersLondon, United Kingdom
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Allica Bank does
Allica Bank is a UK digital challenger bank founded in 2018 (banking licence received 2019) that targets established small and medium-sized businesses with 5–250 employees, an underserved segment poorly served by incumbent high-street banks. It operates through three legal entities: Allica Bank Limited (current accounts, savings, commercial mortgages), Allica Financial Services Limited (asset and growth finance), and Allica Bridging Finance Limited (bridging products acquired via Tuscan Capital in August 2024), with the Kriya-acquired embedded finance platform added in October 2025. Core technology is a cloud-based digital banking platform with proprietary AI/ML models for credit decisioning, risk analysis, and fraud detection, Open Banking integration via Yapily, and native accounting software sync to Xero, Sage, QuickBooks, and FreeAgent; AI-driven underwriting supports the 4-hour commercial mortgage term-sheet turnaround.
The business model is net-interest-margin led: revenue of £371.3 million in 2024 (up 27% year-on-year) is generated primarily on the £3.7 billion SME lending book (commercial mortgages, bridging, asset finance, growth finance, and now invoice finance) funded by the £5.7 billion customer deposit base (up 29%), with supplementary fee income from card transactions, arrangement fees on mortgages and bridging loans, and a £25 monthly account fee on balances below £10,000. Distribution is hybrid: a network of 40+ relationship managers across 12 UK regions handles lending sales alongside digital self-serve onboarding for current accounts, broker/introducer channels for asset finance and bridging, and accountant referral partnerships. The company is headquartered in London with offices in Milton Keynes and Manchester, employs 501–1,000 staff, serves over 30,000 SMEs (~5% of its target market with a stated goal of 10% by 2028), achieved unicorn status at a $1.2 billion valuation in February 2026, and is profitable (third consecutive year of profitability, underlying PBT up 34% to £43.7 million).
Allica Bank firmographics
Firmographics- Name
- Allica Bank
- Legal name
- Allica Bank Limited
- Website
- https://allica.bank
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Allica Bank is a UK digital challenger bank providing current accounts, savings, commercial mortgages, asset finance, bridging loans, and invoice finance to established small and medium-sized businesses with 5–250 employees, combining a 40+ relationship-manager network with proprietary AI-driven lending technology.
- Ownership category
- akta.pro rank
Allica Bank industry classification
Industry- Product category
- SME Business Banking
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221), Sales Financing (52222)
- SIC
- State Commercial Banks (6022), Short-Term Business Credit Institutions (6153)
- akta.pro primary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
- akta.pro secondary industries
- Credit & Overdraft Enablement (Credit Lines, Underwriting Integrations) (FSAGAAAJ), Account Aggregation & Connectivity (Multi-bank linking) (FSAGACAA), Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD), Overdraft & Deposit-Advance Products (FSAKAOAE)
Keywords
Where Allica Bank is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Allica Bank business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Net Interest Income: Interest earned on SME lending portfolios (commercial mortgages, bridging loans, asset finance, growth finance) minus interest paid on customer deposits
- Transaction and Fee Income: Fees from card transactions (cashback paid to customers is an expense), arrangement fees on mortgages and bridging loans, monthly fees on low-balance accounts (£25 for balances below £10,000 average)
- Business Current Account Services: Revenue from business current account services including payment processing, bulk payments (£20 fee), and related banking services
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Hybrid | Monthly | Business Rewards Account with up to 4.08% AER savings rate |
| Transaction based/ take rate | Monthly | Cashback on card spend up to 1.5% |
| Other | Multi-year contract | Owner-occupied commercial mortgages: £150,000 to £10 million |
| Other | Multi-year contract | Commercial investment mortgages: £150,000 to £15 million |
| Other | Pay-as-you-go | Bridging finance: up to 75% LTV residential, 70% commercial |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Allica Bank product offering
Product offeringCore offering
Allica Bank is a UK digital challenger bank that provides a unified business banking platform for established SMEs (5-250 employees), anchored by the Business Rewards Account (current account with linked Savings Pot at up to 4.08% AER and up to 1.5% cashback on card spend) and complemented by commercial mortgages, asset finance, growth finance, business overdrafts, invoice finance, bridging finance, and fiduciary deposit accounts. Distribution combines digital self-serve with a network of 40+ UK-wide dedicated relationship managers and a broker channel, supported by proprietary AI-driven credit decisioning and Open Banking-led underwriting.
Product overview
Allica Bank is a UK digital challenger bank offering a unified banking platform for established SMEs (businesses with 5-250 employees). The core product is the Business Rewards Account, which serves as the primary current account with integrated Savings Pot functionality. The bank operates a multi-entity structure: Allica Bank Limited provides core banking products (current accounts, savings, commercial mortgages); Allica Financial Services Limited handles asset and growth finance; and Allica Bridging Finance Limited manages bridging products. The portfolio spans business current accounts, business and personal savings, commercial mortgages (owner-occupied, investment, and healthcare sectors), asset finance, growth finance, business overdrafts, invoice finance, and bridging finance. The bank also serves fiduciary sectors (pension trustees, solicitors, FCA-regulated firms, insolvency practitioners) with specialized deposit accounts. Following acquisitions of Kriya (embedded finance) and Tuscan Capital (bridging), the bank has expanded its product range to include embedded payments and bridging finance capabilities. All products are supported by relationship banking services, UK-based customer support, and AI-powered technology for lending decisions and fraud detection.
Differentiator
Problem solved
Functional benefit
Products and services
- Business Rewards Account Business current account for established UK SMEs (5-250 employees) with at least £50,000 balance, offering up to 4.08% AER on linked Savings Pot, up to 1.5% uncapped cashback on debit card spend, a dedicated relationship manager from day one, multi-director access, expense cards, real-time notifications, and FSCS protection.
- Business Savings Savings accounts for businesses, including fixed and variable rate options, with market-leading interest rates and FSCS protection up to £120,000.
- Personal Savings Savings products for individuals with competitive rates and FSCS protection up to £120,000.
- Commercial Mortgages Property finance for SMEs including owner-occupied commercial mortgages up to £10 million (130% debt service cover, 30-year repayment), commercial investment mortgages up to £15 million (5-year interest-only, up to 145% debt service cover for higher-rate taxpayers), and healthcare commercial mortgages up to £15 million for experienced operators. 4-hour term-sheet decisions.
- Asset Finance Financing solutions for SMEs to acquire equipment, vehicles, machinery, and other business assets, provided by Allica Financial Services Limited and supported by the £350 million ENABLE Guarantee with British Business Bank.
- Growth Finance Bespoke financing solutions tailored to the growth needs of established SMEs, provided by Allica Financial Services Limited.
- Business Overdraft Flexible arranged overdraft facility for Business Rewards Account customers needing over £25,000 for business purposes; requires UK Limited Company or LLP status, minimum 24 months trading, and annual turnover over £500,000.
- Invoice Finance Flexible working-capital solutions including invoice factoring and discounting for SMEs, offered through the Kriya platform acquired in October 2025 and targeting £1 billion of SME working-capital finance over three years.
- Bridging Finance Short-term finance solutions to bridge funding gaps or operations, including standard bridging (up to 24 months, up to 75% LTV), refurbishment loans, and bridge-to-term options (The Stabiliser and The Improver), provided by Allica Bridging Finance Limited; rates from 6.45% per month variable with a 2% arrangement fee.
- SIPP Pension Scheme Bank Account Specialized bank account for SIPP pension scheme providers, with funds held in individual sub-accounts for members, multi-level authorizations, and enhanced deposit protection.
- SSAS Pension Trustee Bank Account Bank account for SSAS pension trustees with funds held in individual scheme bank accounts and multi-level payment authorizations.
- Client Deposit Account Segregated client deposit accounts (pooled and designated) for solicitors, FCA-regulated firms, and accountants, with self-serve online account opening.
- Estate Bank Account Case-specific estate accounts for insolvency practitioners with self-serve online account opening and nullify-interest functionality for end-of-life reconciliations.
Quantifiable outcome
- Third consecutive year of profitability with 34% increase in underlying profit before tax to £43.7 million
- +4 more outcomes
Companies that use Allica Bank
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles5 records
Allica Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability6 records
Feature3 records
Allica Bank partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- YapilycoreOpen Banking API provider partnership enabling Allica Bank's open finance capabilities and integrations.
- XerocoreAccounting software integration allowing automatic sync of transaction activity with Xero accounting software.
- SagecoreAccounting software integration allowing automatic sync of transaction activity with Sage accounting software.
- QuickBookscoreAccounting software integration allowing automatic sync of transaction activity with QuickBooks accounting software.
- FreeAgentcoreAccounting software integration allowing automatic sync of transaction activity with FreeAgent accounting software.
Scale indicators12 records
Recent moves7 records
Expansion highlights7 records
Allica Bank competitors and assessment
Company assessmentDirect peers
- OakNorth Bank: UK challenger bank focused on SME lending (commercial mortgages, business loans) with proprietary credit decisioning platform. Highly comparable to Allica's lending-led model with established-SME focus; serves as a direct peer on the lending side of Allica's offering.
- Starling Bank: UK digital challenger bank offering business current accounts, loans, and SME banking. Direct competitor with similar digital-first model, FSCS protection, and target SME segment; larger scale than Allica with both personal and business banking.
- iwoca: UK fintech providing SME working capital loans, invoice finance, and credit lines using AI-driven underwriting. Comparable lending model to Allica's asset/growth finance with focus on established SMEs, though iwoca operates as a non-bank lender.
- Atom Bank: UK digital challenger bank offering business and consumer products including savings and SME lending. Comparable as a UK challenger bank with technology-led approach, though historically more consumer-focused than Allica's SME focus.
- Funding Circle: UK-listed platform providing SME loans and business finance with proprietary credit decisioning. Comparable on SME lending focus and technology-led underwriting, though operates as a marketplace lender rather than a chartered bank.
- Tide: UK-based digital business banking platform serving SMEs with current accounts, invoicing, and integrated tools. Closely overlaps with Allica in target customer (UK SMEs), product set (business current accounts), and digital-first GTM, though Tide lacks Allica's direct lending focus.
Broad incumbents
- Metro Bank: UK challenger bank with high street presence offering business current accounts, commercial lending, and relationship banking. Comparable in relationship-led approach to SME banking, though broader consumer focus.
- Lloyds Bank Business: UK incumbent bank with the largest share of SME business current accounts. Competes with Allica across current accounts, savings, commercial mortgages, and overdrafts; representative of the incumbent segment Allica is disrupting.
- HSBC UK (Kinetic): Incumbent UK bank with HSBC Kinetic digital business banking offering targeting SMEs. Large incumbent competitor with broader product suite and deposit base; competes with Allica in commercial mortgages, current accounts, and SME lending.
Emerging players
- Revolut Business: UK-headquartered digital banking platform with growing SME/business offering including current accounts, expense management, and FX. Direct overlap in digital SME banking; competes on digital UX though less focused on lending than Allica.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Allica Bank social profiles
Digital presenceAllica Bank compliance and trust
Trust signalCompliance2 records
Allica Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Allica Bank leadership team
Management profileNumber of profiles
Profiles6 records
Allica Bank subsidiaries and ownership
Company hierarchySubsidiaries2 records
Allica Bank funding detail
Funding detailFunding overview
Funding rounds9 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Allica Bank M&A and investment
M&A and investmentM&A2 records
Investments7 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Allica Bank
What does Allica Bank do?
Allica Bank is a UK digital challenger bank that provides a unified business banking platform for established SMEs (5-250 employees), anchored by the Business Rewards Account (current account with linked Savings Pot at up to 4.08% AER and up to 1.5% cashback on card spend) and complemented by commercial mortgages, asset finance, growth finance, business overdrafts, invoice finance, bridging finance, and fiduciary deposit accounts. Distribution combines digital self-serve with a network of 40+ UK-wide dedicated relationship managers and a broker channel, supported by proprietary AI-driven credit decisioning and Open Banking-led underwriting.
Is Allica Bank a public or private company?
Allica Bank is a private company. It is classified as venture growth investor backed and is currently operating.
When was Allica Bank founded?
Allica Bank was founded in 2019. It employs 501 to 1,000 people.
Where is Allica Bank based?
Allica Bank is headquartered in London, United Kingdom, in the Europe region.
How does Allica Bank make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are transaction and Fee Income and business Current Account Services.
Who are Allica Bank's main competitors?
Direct peers on record are OakNorth Bank, Starling Bank, iwoca, Atom Bank, Funding Circle and Tide. Broad incumbents are Metro Bank, Lloyds Bank Business and HSBC UK (Kinetic). Revolut Business is listed as an emerging player.
Does Allica Bank have an API?
No public API is recorded for Allica Bank.
What industry is Allica Bank in?
Allica Bank's product category is SME Business Banking. Its primary akta.pro industry code is FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs), with a secondary code of FSAGAAAJ, Credit & Overdraft Enablement (Credit Lines, Underwriting Integrations). Its NAICS code is 522110 and its SIC code is 6022.