Allica Bank Announces Committed Lending Offers Hit US$1.2bn
Allica Bank has announced that its committed lending offers are set to hit US$1.2bn in 2022.
The UK-based fintech challenger bank that provides products and services to SMEs, released news of its latest benchmark decision to provide $1.2bn in loans in 2022.
According to reports, lending growth, backed by strong funding capability, is set to double over the next eight months
Allica Bank’s lending offer expansion is underpinned by senior technology appointments – including a new CTO and Vice President (VP) Data – with the bank’s product, technology, and engineering teams set to expand to over a hundred staff by Q3 2022
The announcement follows on from Allica’s acquisition of AIB’s British SME lending portfolio and comes during a period of accelerated growth and expansion across all aspects of the business.
The challenger bank looks set to increase maximum customer exposure for asset finance and the care home sector to $1.25mn and $1.2mn respectively. Allica Bank also recently acquired AIB’s $1bn British SME lending portfolio and plans to launch its pioneering Business Rewards Account later this year.
The bank is also strengthening its investment in its proprietary technology by increasing its product, data, and engineering teams to over a hundred staff in the Autumn of 2022.
Allica Bank doubles customer exposure for asset finance
Allica announced this month that it has doubled the maximum customer exposure for asset finance to $1.25mn after the bank disclosed it had broken its monthly asset finance lending record three months in a row from January to March.
Speaking about the expansion, Richard Davies, Chief Executive Officer, Allica Bank, explained, “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 $1.2bn in committed loan offers to these firms in 2022 – a further key milestone in Allica’s journey towards becoming the lender of choice to British businesses.
“We are excited by Allica’s further expansion of its proposition in the care home sector. We understand 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 £10 million, we will support many more operators to strengthen and scale their businesses.
“Our asset finance proposition has come on in leaps and bounds since its launch. By doubling our maximum asset finance maximum customer exposure to £1 million, we will be able to support more SMEs to finance their ambitions as they look to bounce back from the pandemic. Allica will also be able to play a greater part in supporting businesses towards their sustainability and net-zero goals.
He added, “Allica Bank is extremely well-positioned to help brokers and Britain’s community of established SMEs strengthen and scale their businesses. In 2022, we will continue to develop our products and services, as we continue on our mission to reimagine relationship banking for SMEs.”
