UK-based Recognise Bank is a digital bank focusing on providing unregulated lending products to SMEs. It offers commercial property, buy-to-let, and bridging loans upto GBP 5 million, professional practice loans upto GBP 500,000 and working capital loans upto GBP 250,000. As of June 2022, it had distributed GBP 100 million in loans. In September 2021, Recognise Bank received full authorization from the Prudential Regulation Authority removing deposit restrictions enabling the bank to offer a wider range of services including savings products. As of the same month, it introduced personal savings accounts, which have accumulated GBP 95 million as of June 2022. Furthermore, in April 2022, the bank introduced business savings accounts.
Key customers and partnerships
As of December 2022, the company had served more than 1,000 SMEs with GBP 117 million ( ~USD 145 million) in savings and had distributed over GBP 112 million ( ~USD 135 million) in commercial lending.
In July 2022, Recognise Bank announced its partnership with TruNarrative, which should automate its customer onboarding process through the latter’s API (RiskNarrative) that also has built-in identity verification, and credit and anti-money laundering checks.
Funding and financials
In December 2022, Recognise Bank raised GBP 25 million (~USD 30 million) in a funding round led by PV27. It aimed to utilize the funds for product and technology development as well as to support its commercial lending activities.
No investor data is available
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