Recognise Bank hopes to expand its SME loan book with the aid of the new investment.
Recognise Bank, an SME lender, raised £25 million to increase lending.
The fresh funds were provided by PV27, an investment firm controlled by Ruth Monicka Parasol. The primary stakeholder of Recognise Bank is Parasol.
The London-based Recognise Bank began operations in November 2020, and in September 2021, it received its full license. The company has made commercial loans totalling £112 million since its inception and has accepted over £95 million in investments.
According to Jean Murphy, CEO of Recognise Bank, “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,” she added.
Recognise Bank provides unregulated business loans and FSCS-protected savings accounts for both personal and SME customers. Its lending activities include professional buy-to-let loans, commercial mortgages and bridging loans.
