Recognise is led by CEO Jason Oakley, who was formerly a Managing Director of Commercial Banking & Mortages at Metro Bank. It is expected that the new challenger bank will receive its full banking license in the following weeks. Parasol’s family office believes in a funding gap for SME in UK, since banks will likely shy away from the funding of new ventures after the pandemic. That’s the largest investment since the beginning of the global COVID-19 pandemic. A lead investment in the amount of £25M was done by Ruth Parasols single family office RG Advisors. Its lending activities range from commercial mortgages and bridging loans to professional buy-to-let loans.Soon, a new bank will launch in the United Kingdom: Recognise Financial Services plans to establish a new bank for small- and medium-sized businesses. Recognise Bank offers unregulated business loans as well as FSCS-protected savings accounts, both for personal and SME customers. 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. “Because of the economic challenges small businesses currently face, there has never been a greater need for a bank that supports SMEs.

“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, CEO of Recognise Bank. It has lent £112m in commercial lending since its launch, according to the firm as well as taking on over £95m of investment. London-based Recognise Bank launched in November 2020 and got its full licence r in September 2021. Parasol is Recognise Bank’s largest investor. PV27, an investment company owned by Ruth Monicka Parasol, is behind the new cash. SME lender Recognise Bank has raised £25m to bolster the firm’s lending.

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