FinTech small business challenger Allica Bank received $100 million in a Series C funding round led by TCV.
Atalaya Capital Management and Warwick Capital Partners both lent their support to the circular saw competition.
The Fintech claims that it is the only digitally native challenger bank in the United Kingdom focused on providing a full-service banking relationship to small businesses and entrepreneurs. It provides them with loans, savings, and payments.
Since obtaining a banking license three years ago, the company has seen continual growth. They believe this momentum will help them transform the UK’s traditional small business banking market over the next decade.
Allica claims this new investment grants it the ability to rapidly grow and improve the UK SMB market. Earlier this year, the company achieved profitability for the first time.
After meeting with TCV, the company’s CEO Richard Davies noted that the two shared a desire to transform small business banking in the United Kingdom. Davies believed that this goal could be achieved by challenging the UK “high street” banking market.
Investors have high confidence in the Allica team when they choose to back their work with a £100 million funding round. This round of funding was extremely difficult to obtain under difficult market conditions. Supporting more British companies through this funding will help more companies get the attention they need.