Digital SME lender and savings provider Recognise Bank has secured a £25m cash raise from its largest investor, PV27.
Recognise, which was fully licenced at the end of 2021, has raised over £95m investment so far.
Jean Murphy, CEO, says the latest capital injection will underpin a significant expansion in SME lending over the next 12 months
"Recognise Bank is well placed to significantly grow its lending book over the next 12 months and beyond," she says. "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."
Recognise has, to date, provided £115m commercial loans to business customers. Typical loans range from £500k to £5m and options include commercial mortgages, bridging loans, professional buy-to-let loans, with asset finance currently being developed for launch later in the year.