Digital SME lender Recognise Bank has raised £25m in funding from its largest shareholder, PV27, to support its commercial lending.
The funding will also help the company bolster the development of new products and technology for SMEs.
Following the close of the investment, Recognise Bank has raised a total of £95m in equity.
Recognise Bank, which is based in the UK, launched in November 2022 and got its full licence by September 2021. Since then, it has supported thousands of small businesses with over £112m in commercial lending and more than £117 million in business savings.
The goal of Recognise Bank, which is authorised by the Prudential Regulation Authority, is to become a full-service digital SME bank.
It currently offers a variety of flexible business loans and savings rates. Its services include business savings accounts, personal savings accounts, savings calculator, bridging loans, commercial property loans and professional buy-to-let loans.
Recognise Bank CEO Jean Murphy said, “This latest funding from our largest investor shows how compelling the Recognise story is; a digital SME bank with a track record of successfully lending millions to growing businesses, and a savings proposition that has also attracted millions of pounds from thousands of SMEs by offering competitive rates.
“Because of the economic challenges small businesses currently face, there has never been a greater need for a bank that supports SMEs. This investment shows that we have a like-minded investor who is just as passionate about helping UK entrepreneurs, and who believes Recognise is the right bank to provide that support.”
Recognise Bank previously raised £8.7m in financing from the City of London Group, which is its parent company.
PV27 is a group investment company of Parasol International and is led by the family office of digital pioneer and real estate entrepreneur Ruth Monicka Parasol.
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