This new investment will help Allica continue to scale and boost its impact in the UK SME market, according to a statement.
Existing investors Warwick Capital Partners and Atalaya Capital Management also participated in the round.
Richard Davies, chief executive at Allica Bank and former executive at HSBC and Revolut, 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.
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“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, said: “Richard and the 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.”
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