Recognise Bank has secured £25m in new capital from its majority shareholder. The investment comes from Parasol V27, a wholly owned investment company associated with the real estate and technology entrepreneur, Ruth Monicka Parasol.
This latest investment brings the total raised by the Bank to over £120m.
The capital injection is intended to support Recognise Bank’s growth and provide a foundation for the bank to continue to focus on business lending across multiple product sectors – Recognise sells commercial, BTL and bridging loans.
The bank has also announced that chairman Phil Jenks has stepped down but will continue to serve as an Independent non-executive director until no later than the end of the year. In addition, Jean Murphy, chief executive officer will be stepping down from her role by the end of the year. The bank has appointed Simon Bateman as chief executive officer and Steve Pateman as chair, both subject to regulatory approval.
Bateman joins Recognise Bank from Nomo Fintech where he has led as CEO for the past 18 months. He brings a wealth of expertise with over 30 years in the financial services industry. His extensive background in technology and operations is set to drive growth at Recognise Bank.
New chair Steve Pateman commented: “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.”
