Allica Bank, an asset finance provider based in London, has achieved recognition as the fastest-growing technology company in the UK, boasting an impressive growth rate of more than 85%.

This accolade was bestowed upon the SME lender by Deloitte’s ‘Technology Fast 50‘ list, an annual ranking that spotlights the most rapidly advancing tech enterprises in the UK.

Notably, this marks Allica Bank‘s inaugural inclusion in the list, which assesses technology companies based on their revenue growth over the preceding four years.

Allica's growth rate of 85.438% propels it to the top of the fintech sector and secures its position as the third fastest-growing technology company in the 26-year history of the awards.

Incorporated in July 2011, with a workforce of over 450 professionals and a specialisation in business banking, Richard Davies, the Chief Executive Officer of Allica Bank, said: "We are about people and data."

Davies added: “Over the last three years we’ve built out significant in-house capabilities both in engineering and product. This is a must for the target segment we serve, which combines complex needs and volume.

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“This leads to poor value, inconvenient, and impersonal service from the incumbent players. So we are building unique, proprietary software to solve these customers’ needs at scale.

“We know that our sole purpose is to provide a full-service alternative to high street banks for established SMEs – having total clarity of our target segment is critical. And it is super rewarding for us to feel we are making a difference to businesses that make up a third of the UK economy and employment.”

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