The bank was granted its full banking license in September 2021, with the purpose of supporting overlooked SMEs. It combines a one-to-one personal approach with managers and cloud-based fintech to speed up loan approvals and access to funds.
Bryce Glover, chief executive at Recognise Bank (pictured) said: “Not only is this a huge lending milestone for Recognise Bank, it is also absolute proof that our digitally enabled relationship banking model works. Through our lending we have supported a wide range of growing firms – whether to acquire their own business premises or to help fund a green housing development – who otherwise would have struggled to find a bank that understood their needs and was willing to lend to them.
“The power of our relationship focus is evident in the customer satisfaction levels we’re achieving: Our net promoter scores with customers hit an average of 81 for the first quarter of 2022, well above the usual levels for the financial services sector.”
He continues: “Our next chapter is to continue helping UK SMEs, who are the lifeblood of the UK economy, but with an even greater focus on technology. We will also be accelerating our digital agenda, including improving operational and customer touchpoints, as well as developing new products and services.”
Recognise Bank is finalising plans to create an Innovation Hub that will leverage the bank’s existing technology platform and insight from working with growing businesses.
Later in April the bank plans to enter the business savings market, helping SMEs maximise the interest income potential of their cash surpluses, which is increasingly important in the current economic climate.