It reaches milestone within six months after full licence
Recognise Bank has announced that is has delivered over £100 million in lending to SMEs in the UK, just six months after achieving its full banking licence in September 2021.
The bank, which aims to support small and medium sized businesses that are often ignored by the mainstream banks, combines one-to-one service via expert relationship managers and cutting-edge cloud-based technology to speed up loan approvals and access to funds.
“Not only is this a huge lending milestone for Recognise Bank, it is also absolute proof that our digitally enabled, relationship banking model works,” Bryce Glover, chief executive at Recognise Bank, said.
“Through our lending we have supported a wide range of growing firms – whether it’s to acquire their own business premises or to help fund a green housing development – who otherwise would have struggled to find a bank that understood their needs and was willing to lend to them,” Glover added.
The bank stated that it plans to continue helping UK SMEs, but with an even greater focus on technology.
“We will be accelerating our digital agenda and future proofing Recognise. This will include speeding up, streamlining and digitalising operational and customer touchpoints, as well as developing new products and services to help businesses with the financial challenges they face,” Glover said.
Recognise Bank is finalising plans to create a new innovation hub that will leverage its technology platform and insight from working with growing businesses.
