TECH NEWS: SME lender Recognise Bank gets £25m
| Recognise Bank-dowelearn.com |
PV27, a shareholder, has contributed an additional £25 million to Recognise Bank, a lender and savings provider for small and medium-sized enterprises (SMEs).
Along with personal and Business Savings Accounts, the bank offers business loans, commercial mortgages, bridging loans, and loans for buy-to-let properties.
Jean Murphy, CEO of Recognise Bank, stated, "Recognise has shown that a bank embracing cutting-edge technology and a more personal approach can attract small firms in their thousands looking for a better deal."
The fintech, which has its headquarters in London, will put the money it receives from PV27, an investment arm of Parasol International, to use for new SME products and commercial lending.
Murphy started it in 2017; in September 2021, it received its full banking license, and it has so far raised £96 million in funding.
Recognise Bank board member Ruth Parasol stated: Due to the dominance of incumbent banks that are burdened with outdated technology, a dated approach to customer service, and an outdated approach to innovation, the UK SME banking sector is ripe for change.
The Financial Conduct Authority (FCA) regulates the digital SME lender. According to the company, it has already provided more than £112 million in commercial lending and £117 million in business savings accounts.
This week, another digital lender, LHV UK, was accepted into the FCA's money laundering registry, giving it permission to provide loans to SMEs.
Recognise Bank
RECOGNISE BANK APPOINTS JEAN MURPHY AS CEO
Jean Murphy, who previously worked as a senior banker at Credit Suisse, JPMorgan, and Goldman Sachs, has been appointed CEO of the digital SME banking startup Recognise Bank.
Murphy has a banking background, but she has also run her own wealth management startup, FSG, for the past seven years.
She will be responsible for leading the company and future funding rounds at Recognise Bank. The startup, which will go live in November 2020, has raised a total of £65 million from the parent company of the bank, City of London Group, in successive rounds.
Murphy joins the bank after it launched its first business savings accounts in April and recently reached a milestone of £100 million in lending and £95 million in deposits through its personal savings accounts.
Murphy assumes the position after Recognise Bank's co-founder Jason Oakley resigned in March 2022. Oakley helped the bank grow from a small idea to a fully licensed commercial lender and savings bank.
Her appointment comes in the wake of Sahil Thapa's recent appointment as CTO, a change in the startup's management structure that included the creation of a COO position and a new directorate for banking platforms and partnerships.
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