Allica Bank named most recommended business bank by over 4,000 businesses
Allica Bank, the bank built for established businesses, has been named the UK’s most recommended business bank in the 2026 UK Banking & Finance Awards, based on feedback from more than 4,000 businesses. The awards are run by RFI Global, an independent financial services research and data firm.
The recognition is based entirely on customer feedback, with UK businesses surveyed directly about their experience with their banking providers.
Allica, which focuses exclusively on established businesses with five to 250 employees, has grown rapidly since it got its banking licence in 2019, building its own proprietary technology that allows it to offer customers an experience that’s rewarding, powerful, and human.
The recognition comes weeks after Allica was officially valued at close to $1.2bn following its $155m Series D raise, making it one of the UK’s newest fintech unicorns.
Richard Davies, CEO of Allica Bank, said: “Our ambition has always been to be the most recommended business bank in the UK, so this recognition from our customers is incredibly meaningful. It shows we’re building something that genuinely works for established businesses.”
“But we’re just getting started. This year, we’re continuing to invest in our current account, savings and lending products to build a business bank that is more helpful, more integrated and more powerful than ever before.”
“Established SMEs are critical to the UK economy, driving a third of employment and GDP. They need a banking partner that understands their needs and supports their growth.”
Allica recently launched a business overdraft product to help SMEs better manage cashflow, addressing a significant gap in the market. Overdraft availability has declined by more than 80% since 2000, and in 2024 accounted for just 5% of SME lending, compared to 31% in 1998.
Research from Oxford Economics underlines the scale of Allica’s impact on not just the UK’s vital established SMEs, but also the wider economy. The bank’s lending supported over 84,000 jobs in 2024, contributing £5.8bn to UK GDP. For every £1m in loans issued, the bank generated £2.4m in GDP, 35 jobs and £600,000 in tax revenue.