SME-focused strategy and tech investment drive growth
Commercial mortgage lender Allica Bank has reported strong growth, earning a pre-tax profit of £29.9 million for 2024, up from £16.1 million the previous year – marking the fintech’s second consecutive full year in profit since beginning lending operations in 2020.
Allica attributed the improved financial performance to substantial investment in its proprietary digital systems, which helped scale its operations. The bank’s loan book exceeded £3 billion during the year, while customer deposits climbed past £4 billion.
The company, which focuses on serving established small and medium-sized enterprises (SMEs), has gained recognition for its growth trajectory. In 2024, Allica secured several accolades including rankings in the Times Hundred, Deloitte Fast 50, and Sifted lists for fastest-growing firms in the UK and Europe.
Last year, Allica expanded its lending capabilities by acquiring Tuscan Capital, a specialist bridging lender. The bank also expanded its commercial mortgage offering by entering the specialist buy-to-let residential market earlier this year.
“2024 has been our best year yet, with significant growth in revenue, lending and deposits demonstrating that we are offering a genuine alternative for established SMEs from the high-street banks and delivering on our promise to give them the banking they deserve,” said Richard Davies (pictured), chief executive of Allica Bank.
“Allica have invested heavily in our proprietary technology capabilities to ensure we have the foundations in place to continue to scale at pace, in terms of the amount of established SMEs we’re supporting and the ways we’re supporting them.”
Allica’s tech-driven approach has been central to its strategy. The bank bolstered tools aimed at brokers, including upgrades to its Introducer Portal and automated lending systems for asset finance, aimed at streamlining approvals and increasing transparency.
Customer acquisition was also boosted by the growth of its main current account offering, the Business Rewards Account, which reached over 6,000 SME users by year-end.
Customer satisfaction metrics remained strong across platforms. The bank reported a 4.6 score on Trustpilot, a Net Promoter Score of +67, and app ratings of 4.8 on Apple and 4.7 on Google Play.
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