Question 1

What is Recognise Bank?

Accepted Answer

Recognise Bank is a UK-licensed challenger bank focused on serving the small and medium-sized enterprise (SME) market alongside personal and business savers. Founded to address the disconnect between traditional banking and modern SME needs, the bank operates as a relationship-led digital lender with no legacy loan book.

It combines personal relationship banking with cloud-based technology to deliver flexible financing solutions. Headquartered in London, Recognise Bank received full authorisation from the Prudential Regulation Authority (PRA) in September 2021, enabling it to accept deposits and significantly expand its operations.

Question 2

When was Recognise Bank founded?

Accepted Answer

Recognise Bank was incorporated on 6 February 2017 under the name BIZ Financial Services Limited. The bank was founded by experienced business owners who were frustrated with the lack of understanding, certainty, and flexibility in traditional business banking.

The institution underwent several name changes during its development phase: from BIZ Financial Services Limited to Echo Financial Services Limited (June 2017), then to Recognise Financial Services Limited (November 2018), and finally to Recognise Bank Limited (December 2020). It received authorisation with restrictions in November 2020 and achieved full banking authorisation in September 2021.

Question 3

Where is Recognise Bank headquartered?

Accepted Answer

Recognise Bank is headquartered at Floor 4, Henry Thomas House, 5-11 Worship Street, London, EC2A 2BH, England. The registered office is located in the heart of London's financial district, reflecting the bank's commitment to serving the UK's business community.

Question 4

Where does Recognise Bank operate?

Accepted Answer

Recognise Bank operates throughout England, Wales, and Scotland, serving SMEs and savers across the United Kingdom. The bank maintains a network of regional offices in key business centres including London, Manchester, Birmingham, and Leeds.

This multi-location presence enables the bank to deploy regionally-based relationship managers who understand local business communities. The bank does not operate branches in the traditional sense but instead focuses on a digitally-enabled model supported by regional business development managers and strong broker relationships.

Question 5

What services does Recognise Bank offer?

Accepted Answer

Recognise Bank offers a comprehensive range of lending and deposit products tailored to SMEs and savers. Lending products include bridging loans (£250,000 to £10 million with terms up to 24 months), commercial property loans (£250,000 to £7.5 million with terms up to 25 years), professional buy-to-let mortgages for landlords with four or more properties, working capital loans, and asset finance.

Savings products include personal and business savings accounts featuring easy access accounts, notice accounts (such as the popular 95-day notice account), and fixed-rate bonds with terms ranging from one to five years. All eligible savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 for individuals and businesses, and £170,000 for joint accounts.

Digital services include online banking platforms, mobile banking capabilities, and API-based technology infrastructure. The bank partners with leading fintech providers including Mambu and nCino to deliver its cloud-based banking platform.

Question 6

What makes Recognise Bank unique?

Accepted Answer

Recognise Bank distinguishes itself through its digitally-enabled relationship banking model that combines cutting-edge technology with personal service. Unlike traditional banks, Recognise has no legacy loan book, allowing it to offer flexible, bespoke lending solutions without being constrained by outdated systems or processes.

The bank's commitment to speed and responsiveness is exceptional—it regularly completes complex lending deals within weeks rather than months. Customer satisfaction is evidenced by excellent ratings: 'Excellent' on Trustpilot, 4.88/5 on Smart Money People, and 4.6/5 on Google.

The bank has won multiple industry awards, including 'Commended' for Best Business Variable Rate Deposit Account Provider at the 2024 Business Moneyfacts Awards and Winner of Best Monthly Interest Savings Provider at the 2024 Moneynet Personal Finance Awards. Its digitally enabled relationship banking model won top honours in the Fintech Finance Awards, demonstrating innovation in combining technology with human expertise.

Question 7

What type of financial institution is Recognise Bank?

Accepted Answer

Recognise Bank is a challenger bank operating as a private limited company. In the UK banking landscape, challenger banks are newer, smaller institutions that compete with established high street banks by offering innovative services and technology-driven solutions.

Recognise Bank holds full authorisation from the Prudential Regulation Authority and is regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) under reference number 849404. As a fully licensed UK bank, it is authorised to accept deposits, provide lending facilities, and operate under the UK's comprehensive banking regulatory framework. The institution specifically positions itself as a specialist SME bank with a focus on commercial property finance and business lending.

Question 8

What is Recognise Bank's growth trajectory?

Accepted Answer

Since receiving full authorisation in September 2021, Recognise Bank has experienced rapid growth. Within six months of full authorisation, the bank achieved £100 million in lending and £95 million in deposits.

By March 2024, the loan book had grown to £302.8 million (a 148% increase) and deposits reached £411.7 million (a 106% increase). As of October 2024, deposits had further increased to £436.6 million. This substantial growth reflects strong market demand for the bank's relationship-led approach and demonstrates successful execution of its SME-focused strategy.

Question 9

Who regulates Recognise Bank?

Accepted Answer

Recognise Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. The bank's FCA/PRA reference number is 849404.

It is registered under Companies House company number 10603119. The bank's BIC/SWIFT code is RGBKGB2L, and its Legal Entity Identifier (LEI) is 213800ZFTXJC7RV9UQ92. All eligible deposit products are protected under the Financial Services Compensation Scheme, ensuring depositor protection up to statutory limits.

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About Recognise Bank in the United Kingdom