Recognise Bank has revealed it will benefit from £8.7m in new capital following a recent round fundraising by the City of London Group, the former’s parent company.
Recognise Bank provides SMEs with digitally enabled relationship-led banking, offering a flurry of unregulated lending options via a network of relationship managers across the UK. To date, the bank has secured £100m in lending from a pipeline of £1bn worth of applications.
In addition, Recognise’s personal savings accounts have topped the best-buy tables, attracting £95m in deposits to date.
According to Recognise, the new capital will be used to support continued business lending, as well as the creation of a new team to further accelerate the bank’s digital innovation, including the creation of new products and fresh revenue streams.
Recognise Bank CEO Bryce Glover said, “Recognise Bank has already made its mark in the business banking sector by hitting the challenging lending target we set, proving there is demand amongst the UK’s SMEs for our mix of relationship banking, supported by cutting edge technology.
“To receive this fresh investment from two of our keystone shareholders shows their continued support for Recognise Bank and commitment to our strategy and vision. Investing in our digital capabilities will help us build a world-class business bank, for today and the future.”
Chairman of the City of London Group Phil Jenks added, “We have consistently delivered on time and in line with our strategy to create a new bank for Britain’s growing businesses, firms that are the lifeblood of our economy, but are consistently ignored and let down by the mainstream banks.
“The latest investment from Ruth Parasol and Max Barney is an important moment for Recognise, because it means the Bank can build on a foundation of £100 million in lending and £95 million in savings deposits to push its digital capability even further and create a Bank that perfectly blends speed, service and innovation.”
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