Allica Bank named AFC Asset Finance Provider of the Year

In recognition of its contributions and growth, Allica Bank has been named the Asset Finance Provider of the Year at the prestigious Asset Finance Connect Summer Awards.

Sponsored by LTi Technology Solutions, the AFC Asset Finance Provider of the Year award highlights Allica’s commitment to excellence and innovation in the asset finance sector. Additionally, Allica brought home two “AF Top 50” awards, solidifying its reputation as a leader in the industry.

Brandon Hall, Head of Broker Sales – Asset Finance at Allica Bank, expressed his delight: “The whole Allica Bank team is delighted to have been named ‘Asset Finance Provider of the Year’ at the Asset Finance Connect Summer Awards. We were also grateful to bring home two ‘AF Top 50’ awards. These reflect an incredibly strong year of growth for Allica’s asset finance proposition. In April, we announced we’d lent over £500 million in asset finance to established businesses in the UK. While we’ve also enhanced what we can offer brokers and their clients, with automated decisioning and a quote calculator for brokers.”

Hall also praised the Asset Finance Connect team for hosting a fantastic ceremony that is “a highlight in the industry calendar,” and extended his gratitude to all broker partners for their continuous support.

Allica’s remarkable growth and achievements

In the AF50 2024 ranking, Allica was recognised as the ‘Highest Climber’ and ‘Fastest Growing Lender in one year (%)’, further underscoring its rapid ascent in the asset finance domain. Since being fully authorised as a bank in 2019, Allica has been on a trajectory of expansion and innovation. Starting with commercial mortgages in March 2020, the bank quickly extended its offerings to asset finance, reaching £1 billion in lending by July 2022.

A significant milestone was the Series C funding of £100 million at the end of 2022, led by TCV, known for backing giants like Netflix, Airbnb, and Spotify. In early 2023, Allica launched its current account, the Business Rewards Account, which quickly attracted 2,000 customers by year’s end. This account integrates with global payment platform Wise and leading accounting software like Sage and Xero, further enhancing its appeal.

By February 2024, Allica had lent over £2 billion to UK businesses, with 80% of this lending going to businesses outside of London. Despite the challenges posed by the Covid-19 pandemic, Allica achieved £820 million in lending in 2023 alone. A year in which it also revealed it had become profitable. Recognising its explosive growth, in 2023 Deloitte named Allica the fastest-growing UK fintech in its UK Technology Fast 50 awards, with an astonishing 85,438% growth over three years. This June, Allica also topped The Sunday Times 100 list of Britain’s fastest-growing companies.

Expanding asset finance offerings

Since its launch in early 2021, Allica’s asset finance division has experienced significant year-on-year growth. Initially disbursing £200 million in loans to UK SMEs in 2022, this figure more than doubled in the past year, with lending hitting £500 million in April 2024.

Allica’s collaboration with the British Business Bank (BBB) to provide the Recovery Loan Scheme (RLS) has been particularly noteworthy. This partnership has enabled Allica to support more UK businesses that typically fall outside its standard lending criteria.  Allica has also recently been approved for the new Growth Guarantee Scheme (GGS).

In this time, Allica has expanded its product range to include loans for soft and medium assets and a dedicated £10 million electric vehicle (EV) fund in 2023 to support businesses looking to reduce their carbon footprint.

Innovative solutions and broker support

Allica’s investment in proprietary software, processes, and data capabilities has been pivotal in achieving sustainable performance. The introduction of auto-decisioning has significantly reduced the time required for lending applications. Additionally, Allica has launched a new quote calculator for brokers to enhance the lending experience.

Broker feedback has been overwhelmingly positive, with 96% rating their overall experience with Allica as good or excellent (Allica’s broker survey, Q2 2024, of 150 asset finance brokers). The bank’s Business Development Managers have received high praise for their responsiveness and expertise.

Commitment to supporting SMEs

Throughout 2023, Allica remained committed to supporting established SMEs, which constitute a significant portion of the UK economy. Despite economic challenges, Allica advanced over £861 million in new loans to these businesses, with £155 million in asset finance. This funding has been crucial in helping SMEs weather economic conditions and grow their businesses.

Allica’s asset finance proposition has been continuously enhanced based on broker feedback. Recent developments include the introduction of soft and medium assets, access to the Growth Guarantee Scheme, refinance for hard assets and quote calculator. Future plans include staged payments and expanded green asset finance offerings.

With its innovative approach and commitment to customer satisfaction, Allica Bank has firmly established itself as a market leader in asset finance. The recognition at the Asset Finance Connect Summer Awards is a testament to the bank’s dedication to providing exceptional service and supporting the growth of UK businesses.