It will now begin selective unregulated lending, before gearing up to full operational activity in H1 2021.

Recognise Bank will initially launch bridging, commercial property, and working capital loans for SMEs, commercial property owners, and professional practices. 

Savings products will be available to personal customers from the first quarter of next year, and to businesses from the second quarter.

A subsidiary of AIM-listed City of London Group plc, Recognise focuses on funding the SME community.

The bank will offer a relationship-led proposition, which will be delivered through relationship managers based in London, the Midlands, Manchester, and Leeds.

It will initially focus on businesses within a 40-minute drive from the regional locations, meeting clients in person and building relationships from the beginning.

Each new prospect will be contacted by a relationship manager online or in person, within 48 hours of their enquiry.

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Jason Oakley, founder and CEO of Recognise (pictured above), said: “As a new entrant with no legacy book and the latest technology installed, Recognise is strongly placed to deliver on its relationship-based model.

“Our model incorporates true relationship management enabled by technology, and allows us to recognise our customers and support them appropriately, not through a call centre.

“Personal relationships are what set us apart; we build them on deep understanding of the SME, being readily accessible to them and building their trust.”

He added that Recognise wants to be the private bank for SMEs and build a reputation where customer advocacy is "exceptional".

Philip Jenks, chairman at Recognise, commented: “Old-fashioned personal relationships, expertise, and continuity of service have become victims of the shrinking branch network. 

“We believe that SMEs deserve better. 

“A different type of bank is needed that understands what SMEs really want, focuses on helping them with their challenges, and prioritises their requirements.”