The former director of private banking at Morgan Stanley will join banking startup Recognise.
Digital SME lender and savings bank Recognise Bank has appointed Jean Murphy as CEO.
She also has experience building businesses, within financial institutions and having founded and managed a wealth management firm.
Launched in November 2020, Recognise has reached £100m in commercial lending and £100m in business and personal savings deposits since it received its full banking licence last September.
Murphy will now lead the bank in further developing its digital capacity, creating new products and services for UK SMEs.
"This is an exciting opportunity to lead a new bank, driven by a talented, energised team of people who are passionate about helping SMEs,” Murphy said.
As part of her role, Murphy will set out the next stage of the bank’s journey and build a strategy for growth and innovation.
“British businesses face significant challenges over the coming years, but there is also huge potential for success,” she added.
“What they need is the support of a bank that is driven by expertise, insight and imagination, with a strong focus on anticipating and meeting their financial needs.”
Murphy takes over from Jason Oakley, Recognise’s co-founder, who stepped down in March this year.
Fellow co-founder Bryce Glover, who acted as interim CEO, will now return to his role as deputy CEO.
“Jean brings huge experience of banking and capital markets to this role, along with a vital entrepreneurial spirit gained from building her own successful company, which gives her an appreciation of the challenges that business owners face,” City of London Group chair Phil Jenks said.
Murphy will also spearhead future funding rounds by Recognise, which has to date raised more than £65m.