UK’s Recognise Bank secures £25m investment from PV27
By Gloria Methri
London-based digital SME lender and savings provider Recognise Bank has conditionally raised an additional £25 million from its largest shareholder, PV27.
The fresh funding brings Recognise Bank’s total funding to date to over £95 million and will be used to support its commercial lending and investment in the development of new products and technologies for SMEs.
Launched in November 2020 with its full licence in hand by September 2021, Recognise says it has supported “thousands” of small businesses with over £112 million in commercial lending and more than £117 million in business savings. The bank says it is on a mission to revolutionise small business banking in the UK.
“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, Recognise Bank CEO.
PV27 is a group investment company of Parasol International led by the family office of real estate entrepreneur Ruth Monicka Parasol.
Parasol, a Board member of Recognise Bank, said, “As an entrepreneur and a successful businesswoman I know how important good financial support from a business bank is, as well as how rare it is to find. The UK SME banking sector is ripe for change because it is dominated by incumbent banks saddled with aging technology and an outdated approach to customer service and innovation. Recognise Bank’s impressive blend of expertise, insight, and digital innovation puts it in a very strong position to grow over the coming years and I am delighted to be part of that journey.”
Philip Jenks, Chairman of Recognise Bank said, “This new investment shows how much Recognise Bank has achieved in a short period of time and sets the Bank up for a bright and successful future. We have quietly gone about the business of creating a new digital bank for SMEs and will continue to focus all our energy on growing Recognise, with the backing of our largest shareholder, one of the best management teams in the business, and an energised team of colleagues.”
Recognise Bank offers a range of unregulated business loans, from Commercial Mortgages and Bridging Loans to Professional Buy-to-Let Loans, as well as FSCS-protected savings accounts for both personal and business customers.
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