Ashcombe advises Allica Bank on its £110m fundraise
Ashcombe is pleased to announce that it has acted as exclusive financial advisor to Allica Bank, a leading fintech SME bank, in connection with its £110m Series B funding round which was led by Atalaya Capital Management (“Atalaya”) alongside existing investor Warwick Capital Partners.
Allica is the only fintech challenger bank in the UK dedicated to providing a full range of credit and payment services to established, growing SMEs – combining proprietary technology and experienced local relationship managers to provide great customer experience. The new capital will support (i) continued investment in Allica’s powerful proprietary technology and relationship management experience; (ii) the acquisition of AIB’s £0.6bn SME lending portfolio in the UK, which will significantly accelerate growth in Allica’s direct-to-customer lending and relationship banking offering; and (iii) continued organic growth.
Following full completion of the AIB transaction in 2022, Allica Bank expects to have a combined total lending book of over £1 billion and to be profitable on a monthly basis. The expansion of Allica’s proposition and direct lending offer will leverage the bank’s distinctive network of local relationship managers and expanding product suite, including the launch of a corporate payments account in early 2022.
Richard Davies, Allica’s CEO said:
“Ashcombe’s support has been critical in getting this transaction over the line. We are now in a position to capitalise on a lot of hard work that’s been done to establish Allica as the leading digital SME bank in the UK.”
Andreas Wesemann, Partner at Ashcombe, commented:
“This is our second completed mandate in FinTech and specialty banking in the UK this year. We are pleased to have helped Allica through this complex transaction and are excited about the prospects for the bank in its new partnership with Atalaya.”