UK’s Recognise Bank secures £25m funding from PV27
London-based digital small and medium-sized enterprise (SME) lender and savings provider Recognise Bank has “conditionally” raised an additional £25 million from its largest shareholder, PV27.
Recognise Bank raises £25m
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 invest in the development of new products and technologies for SMEs.
Launched in November 2020 with a full banking licence in hand by September 2021, Recognise Bank claims to have already supported “thousands” of small businesses with over £112 million in commercial lending and more than £117 million in business savings.
“Because of the economic challenges small businesses currently face, there has never been a greater need for a bank that supports SMEs,” says Jean Murphy, CEO of Recognise Bank.
“Recognise has shown that a bank embracing cutting-edge technology and a more personal approach can attract small firms in their thousands looking for a better deal.
“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,” Murphy adds.
Founded in 2017, 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 personal and business customers.
