Allica Bank has announced it has completed £500 million of asset finance lending.
The digital bank first launched its asset finance arm in January 2021.
It said that over the past year it has lent almost double the amount it recorded in the previous two years combined.
“Allica has built a reputation among brokers for fast and consistent decision-making, supported by top-class customer service,” said Brandon Hall, Allica Bank’s head of asset finance sales.
Earlier this week, Allica Bank announced it had reached its first full-year of profitability three years after the UK FinTech started lending to SMEs.
The bank saw lending jump 47 per cent to £2 billion in the year ended 31 December 2023.
Allica, which first started lending to SMEs in 2020, recorded pre-tax profit of £16.1 million for the 12-month period.
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