Allica Bank Raises $155m Series D Round To Become UK’s Latest Fintech Unicorn

The round, led by Ventura Capital, GLG, Sona AM, and existing investors TCV and Blue Owl, includes mostly common equity with some new additional Tier 1 capital.

Allica focuses on established SMEs, typically with 5–250 employees, offering a full suite of banking services powered by its proprietary technology.

The funding round values Allica Bank at nearly $1.2 billion.

The new capital will support continued SME lending growth, expand its technology stack, and leverage AI to create smarter lending opportunities for established SMEs, while enabling Allica to enter markets beyond the UK for the first time.

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Over the past five years, Allica’s balance sheet has grown to nearly £4 billion in SME loans and over £5 billion in deposits. In 2023, the bank launched its Business Rewards Account. Today, Allica serves more than 30,000 established SMEs about 5% of its target market and aims to reach 10% market penetration by 2028.

“We’re building the category defining digital bank for established SMBs, and are excited to be taking our proprietary platform into new markets,” said Richard Davies, CEO of Allica. “This Series D investment is a major vote of confidence in Allica’s strategy and performance.”

Mo El Husseiny, managing partner of Ventura Capital, said: “Allica is a world class business that is executing exceptionally well in a large, underserved market. Ventura is proud to be a major investor in Allica’s Series D and we are raring to support this exceptional team’s next stage of growth into international markets.”

About Allica Bank

Allica Bank is a digital bank built to serve established businesses better. It offers smarter, technology-driven banking solutions for SMEs, combining a full suite of services with AI-powered tools, helping businesses grow, manage finances efficiently, and access lending opportunities bringing business banking back to its best.