London challenger bank pledges to make over £1bn in lending offers in 2022

A London fintech challenger bank has pledged to make over £1bn in committed lending offers in 2022 and expand its asset finance and care home offering.

Allica Bank is dedicated to empowering Britain’s established small and medium sized businesses. The new commitment comes during a period of accelerated growth as the bank scales to become a major force in serving British businesses.

Alongside its loan commitment, Allica also announced that it has doubled the maximum customer exposure for asset finance to £1m. This comes after the bank disclosed it had broken its monthly asset finance lending record three months in a row from January to March. The change will allow customers to access additional asset finance to help them achieve their goals.

The bank has also revealed it has boosted its maximum commercial mortgage customer exposure for care home customers to £10m, in a strong show of support for the sector. The increase will help experienced operators looking to grow, as well as first-time buyers with demonstrable experience.

Richard Davies, chief executive officer, Allica Bank, commented: “Allica exists to support Britain’s established small and medium sized businesses, which have been chronically underserved by the banking sector.

“We are therefore very proud that our bank’s strong performance has enabled us to commit to making £1bn in committed loan offers to these firms in 2022.”

Nick Baker, chief commercial officer, Allica Bank, said: “We pride ourselves in listening to our broker community and taking direct action as a result. We heard that both SME care home operators and brokers are looking for a lender who can support not just the first acquisition but subsequent acquisitions too.

“We hope that by increasing our exposure to £10m, we will support many more operators to strengthen and scale their businesses.”