Allica Bank has announced a £100 million Series C funding round led by global growth technology investor, TCV, with participation from existing investors Warwick Capital Partners and Atalaya Capital Management.

With this investment, Allica joins TCV’s impessive roster of portfolio companies, including brands like Airbnb, Netflix, and Spotify, as well as category-defining fintechs such as Brex, Mambu, Mollie, Nubank, Qonto, Razorpay, Revolut, Toast, Trade Republic and Zepz.

Richard Davies, chief executive of Allica Bank, said: “From the moment we sat down with TCV it was clear we shared the same vision to transform SME banking in the UK, by taking on the mainstream ‘high street’ banking market”

“It’s a massive vote of confidence in the team we’ve built at Allica to attract backing from such a world-class technology investor under the toughest of market conditions, and this £100 million funding round will enable us to support far more of Britain’s established and growth companies, who have been underserved for too long.”

Michael Kalfayan, partner at TCV, added: “Richard and team have built a truly impressive platform that is looking to solve a great need for UK established SMEs, a highly complex segment to serve. TCV is laser-focused on partnering with market-leading companies seeking to leverage technology to transform industries. Allica is a prime example of this and we’re incredibly excited to collaborate with this strong team as they work to be the country’s leading digitally-native SME bank.”