Recognise Bank has secured £25m in new capital from its majority shareholder, bringing the total raised by the Bank to over £120 million.
The bank says the new capital will support the delivery of a five-year financial plan and its focus on business lending across multiple product sectors.
This latest investment comes from Parasol V27, a wholly owned investment company associated with the family office of real estate and technology entrepreneur, Ruth Monicka Parasol.
Phil Jenks, the bank’s chairman, stepped down as chairman on 31st October and will quit his role as an independent non-executive director by the end of the year.
Meanwhile, Recognise’s CEO, Jean Murphy, will be stepping down from her role by the end of the year.
Incoming
Recognise has appointed Simon Bateman as CEO and Steve Pateman as chair, both subject to regulatory approval. Bateman joins the bank from Nomo Fintech where he has led as CEO for the past 18 months. He has spent over 30 years in the financial services industry.
Steve Pateman, new chairman of Recognise Bank, said: “Under Jean and Phil’s leadership, the Bank has made progress on many fronts, such as surpassing £300 million in lending and attracting £450 million in savings and we are grateful to them both and wish them well for the future. We are excited to embark on this new chapter under Simon’s dynamic leadership and wish him luck in his new role as CEO.”
Jenks added: “I am fortunate to have been with Recognise since 2019 and am pleased that the Bank has received this capital injection. It is now poised to achieve profitability and deliver exceptional value to our customers, employees and investors with strong shareholder support and a very capable management team.”
“It has been a privilege to undertake the role of CEO at Recognise Bank and I have enjoyed working with the team to lay the foundations for the next chapter in the Bank’s evolution,” said Murphy.
“I am grateful to the team, the Board and our shareholders for all their support particularly in recent months as we have worked hard to secure the capital to support our strategic vision.”
