Recognise Bank, a digital SME lender and savings provider, has scored £25m in a cash raise from PV27, the firm’s largest investor.
According to Finextra, Recognise – which was fully licensed at the end of 2021 – has raised over £95m in investment to date.
The company has, to date, provided £115m in commercial loans to business customers. Typical loans range from £500k to £5m and options include commercial mortgages, bridging loans, professional buy-to-let loans, with asset finance currently being developed for launch later in the year.
Recognise Bank CEO Jean Murphy explained that the latest injection of capital will underpin a significant expansion in SME lending over the next year.
She added, “Recognise Bank is well placed to significantly grow its lending book over the next 12 months and beyond. Our parallel investment in building our technology capabilities is already delivering service and efficiency improvements, all of which feed through to a much better experience for our lending and savings customers and our excellent broker partners.”
Elsewhere in the FinTech space, Miami-based PayTech startup Payabli recently raised $8m in an extension funding round, adding to the $4m it raised for its seed round in May 2022.
With the capital, the company plans to bolster its growth, streamline and enhance the implementation process of its technology, and support its innovation efforts.
Payabli’s API First Payments Infrastructure is a unified API that allows companies to easily implement a payment system. It supports payment acceptance, payment issuance and robust payment operations tools to manage the tactical operations of a payments company.
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