Recognise Bank to ‘significantly grow’ lending book with asset finance launch planned

The firm’s largest investor, PV27, provided the latest capital injection, and the firm has raised £95m in investment so far.

Recognise Bank was launched in 2020 and gained its full banking licence in September last year.

The firm added that it had provided £115m in commercial loans to business customers, with typical loans range from £500,000 to £5m.

Its covers commercial mortgages, bridging and professional buy-to-let loans, with plans to launch in to asset finance later this year.

Recognise Bank said it would “invest heavily” in its digital capabilities “to support a fast growing reputation for quick decisions, flexibility and speed to completion whilst balancing innovation and relationship banking”.

Jean Murphy (pictured), CEO of Recognise Bank, said the company was “well placed to significantly grow its lending book over the next 12 months and beyond”.

She added: “Our parallel investment in building our technology capabilities is already delivering service and efficiency improvements, all of which feed through to a much better experience for our lending and savings customers and our excellent broker partners.”

Murphy said while the economy had its challenges it was “seeing excellent opportunities to support ambitious and experienced business customers”.

“Our customer satisfaction ratings already exceed the industry averages and the digital tools we are developing will only build on this, as well as allowing us to deliver more new and exciting products.

“We are delivering on our plan to support business entrepreneurs and build a compelling SME bank. The success of our business savings’ accounts is just one example. We now have thousands of new customers, and we are delivering value and service to business savers so often overlooked by the large UK banks,” she explained.

Murphy said she was “absolutely confident” in the power of the Recognise brand to “resonate” with UK SMEs.