Allica achieves £3bn in lending and £4bn in deposits

Allica Bank has surged past major milestones, achieving £3 billion in business lending and £4 billion in deposits, cementing its position as a key player in the UK’s small and medium-sized enterprise (SME) banking sector. The challenger bank, renowned for its pledge to offer “business banking how it used to be, just better,” has become a favourite among established SMEs seeking a robust alternative to traditional banking options.

The bank’s rapid rise has been marked by a series of significant accomplishments. Allica posted its first full year of profitability in 2023 and has since maintained strong, profitable growth. Notably, the bank topped The Sunday Times Top 100 List of Britain’s fastest-growing private companies in June and claimed the top spot on the Deloitte UK Technology Fast 50 list for the second consecutive year – an achievement shared by only one other company in the award’s history. In December, Allica was also recognised as Europe’s fastest-growing start-up by Sifted.

Allica plans to report its full-year performance for 2025, but the bank has already unveiled key metrics highlighting its momentum:

Lending growth: Business loan balances exceeded £3 billion, driven by a 64% increase in 2024 alone. The bank surpassed £1 billion in new lending for the year by October.
Deposit expansion: Total deposits climbed to £4 billion, up from £2.6 billion at the end of 2023.

Commenting on Allica’s growth this year, Richard Davies, Allica’s CEO, said: “Our success over the past few months illustrates the continued hard effort and razor-sharp focus of the Allica team to build products that truly meet the needs of established businesses.

“These SMEs, with typically 5 to 250 employees, are such a critical part of the UK economy and our communities – they contribute a third of UK employment and GDP – but have been ignored by the incumbents for too long,” he added.

“The pace of Allica’s growth is testament to the frustration that our customers feel with the status quo, and that Allica is offering a real alternative. We will continue to fight the corner for established SMEs who are so often overlooked and develop our offering even further for them.”

In addition to its banking services, Allica has championed systemic change through its Great British Savings Squeeze campaign. The initiative, supported by the Federation of Small Businesses (FSB) and the Institute of Directors (IoD), aims to address disparities in the business savings market. SMEs, the campaign revealed, miss out on over £9 billion annually due to unfair interest rates.