UK-based challenger lender Allica Bank has achieved the milestone of providing over £100m in asset finance funding to SMEs since its launch in 2021.

The SME-focused lender said it worked with the broker community to reach SMEs in need of funding.

Allica Bank noted that the demand has shot up and it has already provided £78m in financing in 2022.

It hopes to double the £100m asset finance loan book by the end of this year. To this end, the bank has increased the size of its asset finance team by 50%. 

The technology-driven lender has also formed a partnership with brokerage platform ConnectedFi, which is used by broker firms allowing them to submit asset finance applications. 

Allica head of sales for asset finance Brandon Hall said: “Despite all the challenges of a post-pandemic, high-inflation world, established small and medium-sized businesses in the UK still have an insatiable appetite for funding to grow.

“It is incredible to have been a part of so many individual journeys, from helping our customers improve their efficiency with new machinery, to transforming how they move around with electric fleets.

“I especially want to thank our broker partners. They provide an invaluable service to SMEs, helping them find the right funder and the right finance to help their growth plans. Their support of Allica since we launched in 2021 has been a key part of our own growth, too.”

Last month, Allica Bank raised £55m in additional funding to offer banking services to SMEs taking the total funds raised to £285m.