London challenger bank set to exceed £500m lending target as roll-out intensifies

A London bank is set to exceed its £500m lending target as it intensifies the roll-out of new products and services.

Allica Bank, a digital challenger bank, has seen lending growth throughout 2021 together with Allica’s entry into Scotland and the healthcare market.

Richard Davies, chief executive of Allica Bank commented: “The year to date has seen Allica deliver an outstandingly strong performance in supporting Britain’s entrepreneurs and established SMEs throughout the continuing challenging environment.

“We have seen impressive growth across our lending products with a significant increase in SMEs choosing Allica as their lender of choice.

“Our drive and focus on helping SMEs to access the finance they need to strengthen and scale their business continues at pace, not least with the extension of our maximum loan size, our recent entry into Scotland and launch of our Healthcare sector offering.

Richard continued: “Looking ahead, we will continue to leverage our excellent technology capability alongside unsurpassed personal service to further cement our position as the leading SME challenger bank for the decade ahead.

“We are particularly encouraged by emerging trends we are seeing in the SME market, including increasing signs of confidence to accelerate growth in their business – even amongst those sectors hardest hit such as the leisure and licensed industries.”

“With over £0.6bn of committed loans already extended to SMEs since we first opened our doors in March 2020, we remain laser focused on growing this to multiple billions over the coming years as we seek to support the underserved and overlooked SMEs across the UK.”