The funding is aimed at supporting the delivery of a five-year financial plan — this latest investment brings the total raised by the bank to over £120m.

This latest investment comes from Parasol V27, a wholly owned investment company associated with the family office of real estate and technology entrepreneur, Ruth Monicka Parasol.

Meanwhile, Phil Jenks has stepped down as chairman as of 31st October but continues  to serve as an independent non-executive director until no later than the end of the year.

Additionally, CEO, Jean Murphy, will also be stepping down from her role by the end of the year.

The Bank has appointed Simon Bateman as the firm’s new CEO and former CFO at Streambank, Steve Pateman as chair, both subject to regulatory approval.

 Simon joins the firm from Nomo Fintech where he has led as CEO for the past 18 months.

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Steve Patemen, chairman of Recognise Bank, commented: “Under Jean and Phil’s leadership, the Bank has made progress on many fronts, such as surpassing £300m in lending and attracting £450m 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.”

Jean Murphy, noted: “It has been a privilege to undertake the role of CEO at Recognise Bank and I have enjoyed working with the team to lay the foundations for the next chapter in the Bank’s evolution.

“I am grateful to the team, the Board and our shareholders for all their support particularly in recent months as we have worked hard to secure the capital to support our strategic vision.”

Phil Jenks added: “I am fortunate to have been with Recognise since 2019 and am pleased that the bank has received this capital injection.

“It is now poised to achieve profitability and deliver exceptional value to our customers, employees and investors with strong shareholder support and a very capable management team.”