Allica Bank has passed £3 billion in lending and £4 billion in deposits.

The SME lender posted its first full year of profitability in 2023 and has now surpassed over £3 billion in business loan balances.

This includes a 64% increase this year, with the bank passing £1 billion of new lending for the year in October.

It has also reached £4 billion in total deposits, up from £2.6 billion at year-end 2023.

Allica is aiming for a 10% share of the SME market, as well as changing it for the better.

Richard Davies, Allica’s CEO, said: “Our success over the past few months illustrates the continued hard effort and razor-sharp focus of the Allica team to build products that truly meet the needs of established businesses.

“These SMEs, with typically five to 250 employees, are such a critical part of the UK economy and our communities – they contribute a third of UK employment and GDP – but have been ignored by the incumbents for too long.

“The pace of Allica’s growth is testament to the frustration that our customers feel with the status quo, and that Allica is offering a real alternative. We will continue to fight the corner for established SMEs who are so often overlooked and develop our offering even further for them.”