CoLG has raised almost £65m in investment to date as part of its plans to create a new business bank for UK small to medium enterprises (SMEs). 

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 are exercising warrants received during the last fundraise in August 2021.

The new capital will be used to support continued business lending, as well as the creation of a new team to further accelerate the bank’s digital innovation.

Recognise Bank said the first development projects will be announced soon.

CoLG chairman Phil Jenks comments: “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.”

Recognise Bank chief executive Bryce Glover adds: “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.”