The announcement follows a successful £14m investment round last month, bringing the total investment to £54m.
The SME bank opened its doors and started offering unregulated commercial loans at the end of 2020, but the removal of deposit restrictions means it can now provide a wider range of services, it said. FSCS-protected savings products for personal savers are due to be launched this week, while business savings accounts will follow later in the year.
Funds into the bank from its savings products will enable Recognise Bank to increase lending to the UK’s small and medium sized businesses via a national network of regional hubs.
Jason Oakley (pictured) CEO of Recognise Bank, said: “This is the culmination of a three-year journey to build a new bank and provide much-needed support to the UK’s SMEs who have been increasingly let down by the mainstream banks.
“While the lifting of deposit restrictions is a successful milestone for Recognise Bank, it also marks the start of our next phase. We can now offer savings accounts for personal savers, as well as business customers whose savings needs have been completely ignored by the big banks for years.’’
Recognise Bank was set up in 2018 and received its Authorisation with Restriction (AwR) in November 2020.
The bank currently offers commercial mortgages, bridging loans, working capital loans and professional practice loans for architects and solicitors, as well as the medical and healthcare sectors.