Recognise Bank completes £8.7m capital raise

  • 17/05/2022
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Recognise Bank completes £8.7m capital raise
Challenger bank, Recognise Bank, has secured £8.7m in new capital following a round of fund raising announced by its parent company City of London Group (COLG).


So far, COLG has raised almost £65m in investment for the bank. 

The capital will be used to support business lending and create a new team with an aim to build on the bank’s digital capabilities. This will include the development of new products and revenue streams. 

The latest investment comes from two of COLG’s existing shareholders, PV27, the family office of real estate entrepreneur and digital pioneer, Ruth Parasol, and Max Barney Investment Limited (MBIL), the London based property firm. PV27 and MBIL exercised warrants received during the last fund raise in August 2021. 

Recognise Bank recently reached £100m in lending, six months after receiving its full banking licence from the Prudential Regulatory Authority. 

Bryce Glover (pictured), chief executive of Recognise Bank, said: “To receive this fresh investment from two of our keystone shareholders shows their continued support for Recognise Bank and commitment to our strategy and vision. Investing in our digital capabilities will help us build a world-class business bank, for today and the future.” 

Phil Jenks, chairman of the City of London Group, added: “We have consistently delivered on time and in line with our strategy to create a new bank for Britain’s growing businesses, firms that are the lifeblood of our economy, but are consistently ignored and let down by the mainstream banks. 

“The latest investment from Ruth Parasol and Max Barney is an important moment for Recognise, because it means the bank can build on a foundation of £100m in lending and £95m in savings deposits to push its digital capability even further and create a bank that perfectly blends speed, service and innovation.” 

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