Recognise Bank has completed a new £14m capital raise which includes fresh investment from one of its existing shareholders.
The bank has now met the capital requirements set by the Prudential Regulation Authority (PRA), clearing the way for the removal of deposit-taking restrictions.
Once the PRA removes these restrictions, Recognise will become fully authorised and the bank indicated its plans to launch FSCS protected savings products to both personal and business customers. This would enable the bank to further increase its business lending to the SME sector.
Recognise offers a range of unregulated funding options for SMEs, including commercial mortgages, bridging loans, and working capital loans, in addition to specialist professional practice loans for firms such as architects and solicitors, as well as the medical and healthcare sectors. Buy-to-let loans for professional property investors are due to launch imminently.
Commenting on the capital raise, Recognise CEO, Jason Oakley, 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. This successful capital raise is proof that we are on the right trajectory.”
He added: “In creating Recognise Bank, we have focussed 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.”
The latest capital raise included an additional £10m investment by existing shareholder, real estate investor and entrepreneur, Ruth Parasol.
She commented: “Recognise is the right bank, with the right team, to change SME business banking in the UK. Recognise combines personal service with the cutting-edge digital banking technology to increase speed and service to its customers. As a fully authorised bank, Recognise will be able to offer a much wider range of services to business and personal customers.”
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