Jean Murphy/Recognise Bank.
Recognise Bank lands £25m for lending push
The new investment aims to help Recognise Bank scale its SME loan book.
SME lender Recognise Bank has raised £25m to bolster the firm’s lending.
PV27, an investment company owned by Ruth Monicka Parasol, is behind the new cash. Parasol is Recognise Bank’s largest investor.
London-based Recognise Bank launched in November 2020 and got its full licence r in September 2021. It has lent £112m in commercial lending since its launch, according to the firm as well as taking on over £95m of investment.
“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,” said Jean Murphy, CEO of Recognise Bank.
“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,” she added.
Recognise Bank offers unregulated business loans as well as FSCS-protected savings accounts, both for personal and SME customers. Its lending activities range from commercial mortgages and bridging loans to professional buy-to-let loans.