Allica, which offers a portfolio of lending, savings and investment products to SMEs typically neglected by larger banks, reported full year revenues up 141% on 2022 at £191 million.The digital-only lending startup moved into profitability in June 2022 having reached £1 billion of lending and migration of 2000 new customers from AIB. Since then the bank has doubled total lending to £2 billion, achieving a pre-tax profit of £16.1 million for FY23. Customer deposits over the past year increased 75% to £2.6 billion following the public launch of its business current account - the ‘Business Rewards Account’ - which now has over 2,000 customers.Allica also launched its new growth finance lending product in 2023, designed specifically to provide flexible finance for growing businesses. In addition, Allica offers business mortgages and asset finance.Allica is targeting to scale further, aiming for 10%+ market penetration in the coming years.Richard Davies, Allica Bank CEO and former executive at HSBC and Revolut, comments: “Recording our first full year profit just three years after opening our doors for lending on the eve of the covid lockdown was a true milestone in challenging market conditions, and one we’re very proud to have achieved."