Digital banking start-up for SMEs, Recognize Bank, has received the green light from the UK’s Prudential Regulation Authority to launch personal and business savings products and start taking deposits.
The lifting of the restrictions follows the finalization of a Â£ 14million capital increase in August for the City of London group subsidiary.
More than 60 people are employed by Recognise, led by CEO Jason Oakley (pictured), former head of commercial banking services at Metro Bank.
Philip Jenks, President of COLG and Recognize Bank, comments: âWe have taken the final step on our journey to become a fully licensed, digitally-led bank, which has been our primary focus for the past three years. We have increased the number of Recognize employees to over 60 high caliber members and secured a strong leadership team, led by Jason Oakley as CEO.
âThe recent capital increase will allow us to achieve our strategic ambitions for Recognize Bank, namely to increase the size of the loan portfolio with access to depositors’ funding through our corporate and personal savings products.
He says the ambition is to expand his base over the next five years to more than 5,000 SME borrowers and more than 50,000 savings clients.
Recognize Bank will launch FSCS-protected personal savings products on Tuesday, September 21, 2021, with corporate savings products scheduled to launch later.