Recognise Bank plans to offer a blend of relationship-led and technologically-enabled service to half a million SMEs in the UK.

Fresh from winning its banking license in December 2020, Recognise Bank is rolling out an innovative banking service for SME’s that would be highly cloud-based, customer-centric, and technologically sophisticated. The bank has gone live on Mambu’s SaaS financial services platform. (Mambu)

New bespoke banking for SMEs

According to Recognise Bank, SMEs in the U.K. have suffered from inadequate servicing of their needs for business finance and related services.

Recognise has therefore structured itself as a “customer-focused, bespoke SME bank” that is also technologically enabled.

To ensure each SME has direct access to relationship managers and credit and loan-management officers, Recognise will allot 100 clients to each relationship manager. This is intended to keep the banking service personal and customized.

Mambu: Cloud banking clout

Together with Mambu’s SaaS cloud banking, which is a “considerable competitive advantage,” Recognise claims it would “fundamentally change the way services are offered to small businesses by unlocking an entirely new value exchange between SMEs and their bank.”

“There was an urgent need to serve a market where speed and flexibility are critical so we built a seamless cloud-based solution,” said Jason Oakley, CEO of Recognise. “We partnered with Mambu, and were supported by several leading fintech partners to quickly scale and deliver speedy and expert services to SMEs.”

“The composable architecture and its API-first nature, allows the build of seamless digital solutions all in the cloud, which is a perfect fit for us, as Recognise is a cloud-led bank,” said Monica Velasquez, CTO at Recognise. “We are able to adapt and respond to changing market scenarios quickly, and with the in-house knowledge gained throughout the implementation process we can launch products in a matter of days.”

Products for SMEs

Recognise is offering SMEs a range of products in commercial property, and working capital loans. Other savings, as well as asset finance products, are also planned.

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