Allica Bank has opened a new London headquarters near Old Street as the fast-growing lender continues its expansion, following a 50% rise in staff numbers over the past year.

The office at 15 Worship Street was officially opened this month by Dame Emily Thornberry, MP for Islington South and Finsbury. The move marks a step up for the business, which has outgrown its former Liverpool Street base amid rapid growth since securing its UK banking licence in 2019.

The bank now employs 765 people, up from 500 at the end of 2023, and has lent more than £3 billion to British firms. Earlier this year, the Financial Times ranked it the second-fastest growing company in Europe.

DESIGNED FOR COLLABORATION

The new office, situated between the City and Silicon Roundabout, spans two floors and has been fitted out with modern facilities aimed at encouraging collaboration. The design includes breakout areas and twice as many meeting rooms as before, each named after a type of hat in reference to Allica’s orange bowler hat logo.

Richard Davies, chief executive of Allica Bank, said: “Allica’s growth over the past few years has been fantastic, and our new London office is a big step forward in supporting that journey.

“We still have ambitious plans to continue to grow, so it’s critical that we’ve created the right environment for our colleagues to come together, work together, and build the products and services our customers deserve.

“So, we’re not just growing fast – we’re growing the right way, with a relentless focus on our mission and culture.”

SUPPORTING SME GROWTH

Allica provides current accounts, savings and lending to established small and medium-sized businesses, typically those with between five and 250 employees. It aims to capture 10% of this market by 2027, highlighting the sector’s importance as one-third of the UK economy and an area overlooked by both high street banks and newer fintech entrants.

Dame Emily Thornberry said: “It was great to visit the offices of Allica, and I am really pleased that they have chosen to headquarter in Islington South and Finsbury.

“It is often said that small and medium sized businesses are the engine of our economy, and it is important that we recognise the vital role that companies like Allica play in supporting SMEs.”