Recognise Bank

Recognise Bank completes £14m capital raise

Recognise Bank has announced a £14m capital raise, including fresh investment from one of its existing shareholders.

This means that the bank — which received its authorisation with restriction in November 2020 — has met the capital requirements set by the PRA, clearing the way for the removal of deposit-taking restriction.

Once the PRA removes these restrictions, Recognise Bank will become fully authorised and plans to launch FSCS-protected savings products to both personal and business customers, thus enabling it to further increase its business lending to the SME sector.  

The latest capital raise includes an additional £10m investment by existing shareholder, real estate investor and entrepreneur Ruth Parasol.

Jason Oakley, CEO at Recognise Bank (pictured above), said: “This is a major milestone in our journey to create Recognise Bank and change the complexion of SME banking in the UK.
“We set out on a mission to help the UK’s growing small- and medium-sized businesses, who need expert support more now than ever before. 

“In creating Recognise Bank, we have focused on the pain points smaller businesses have with current banks, such as the lack of personal contact and speed of lending decisions, to build a bank that addresses those issues — that means relationship managers who are able to provide real support and guidance to businesses, and back-office technology that ensures companies get the funds they need as quickly as possible.

“Not only have I worked in business banking and commercial lending for many years, I have also run my own business, as have a number of the team at Recognise Bank. 

“Therefore, we are uniquely placed to understand the challenges SMEs face and the frustrations they have dealing with many of the mainstream banks. 

“This successful capital raise is proof that we are on the right trajectory.”

Ruth commented: “I am delighted to further support Recognise Bank, especially Jason and his management team. 

“Their expertise and commitment to the Recognise Bank mission is truly outstanding and I look forward to the delivery of their plans in the years ahead.”

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