Allica Bank has achieved unicorn status after raising $155 million (£111 million) in a Series D funding round, valuing the small business lender at $1.2 billion. The round included investment from Dubai-based Ventura Capital, which also backs Uber, Spotify and Zilch. The challenger bank, named City AM's bank of the year in 2025, has capitalised on the gap left by traditional banks withdrawing from small business lending. Digital lenders now account for 60 per cent of the market, compared to just 10 per cent in 2019. Last year, Allica reported an 86 per cent increase in pre-tax profit to £29.9 million as lending activity surpassed £1 billion. The bank recently acquired London fintech Kriya and aims to reach £1 billion in working capital finance over the next three years.

Boston Consulting Group's Seventh IT Spending Pulse Survey Reveals Steady Modest Increase in Global IT Budgets, Rising to 3.3% in 2024 from 3.2% the Previous YearLeaders Will Focus Spending in High-Growth Areas, Including Artificial Intelligence and Machine Learning, Security Infrastructure, Cloud Services, and AnalyticsThe Primary Barrier to GenAI Adoption is the Technology's Immaturity, Cited by 43% of High-Maturity Companies, 36% of Mid-Maturity Companies, and 50% of Low-Maturity CompaniesGenAI Allocation is Expected to Rise From 4.7% to 7.6% by 2027, with a 60% Growth Forecast Over the Next Three YearsBOSTON, July 16, 2024 /PRNewswire/ -- With modest GDP growth and stagnant budgets, organizations around the world are finding it necessary to reallocate funds from mature areas to support IT investments. While cloud and security continue to be key priorities, generative AI (GenAI) is increasingly taking the spotlight as companies strive for significant productivity improvements. GenAI investment is expected to grow 30%, with leaders from companies with high GenAI maturity anticipating their return on investment will be three-times higher over the next three years than that of companies with little or no adoption of the technology, according to a new report by Boston Consulting Group (BCG) released today.The report, titled IT Spending Pulse: As GenAI Investment Grows, Other IT Projects Get Squeezed, is based on a joint survey with GLG, conducted in Q1 2024. It captures insights from 330 IT buyers at the director level or higher, across various industries. Of the respondents, 66% are from North America and 34% from Europe. The focus is on large and midsize companies, with 60% of respondents from large enterprises and 40% from midsize firms."The emergence of GenAI has made it imperative for many companies to adapt," Clark O'Niell, a managing director and partner at BCG and a coauthor of the report

David joins Vistra from GLG (Gerson Lehrman Group) where he was the Managing Director, South APAC, with a particular focus on the private equity sector.