Challenger bank Recognise Bank opens new regional hub in Leeds as part of plans for expansion

Recognise Bank has opened a new regional hub in Leeds as part of a strategy to expand around the country.

By Greg Wright
Monday, 10th January 2022, 2:15 pm
Updated Monday, 10th January 2022, 2:16 pm

The challenger bank will be based in Platform, Bruntwood SciTech’s building at the heart of the city’s digital and technology cluster.

A spokesman said Recognise was created to support growing businesses which are being poorly served by the big banks, especially outside London and the South East.

A spokesman said: “As a lender focused on supporting growing SMEs with a blend of relationship management and cloud-based banking technology, the new location is the perfect home for Recognise Bank. It will be the base for a number of business development managers with access to regionally-based underwriters.”

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The challenger bank will be based in Platform, Bruntwood SciTech’s building at the heart of the city’s digital and technology cluster.

Recognise Bank is building a national footprint with hubs in London, Birmingham, Manchester and the new office in Leeds. More hubs are planned over the next few years.

James Meigh, regional director, North, for Recognise Bank, who will head up the new Leeds office, said: “The growth of technology firms alone shows just how vibrant business is in Leeds and the region.

“But other business sectors are in great health and are keen to work with financial partners and professionals that understand the local economic environment and can help them grow.

“Leeds is quickly becoming one of the UK’s most important financial services sectors outside of London, so it is a great place for Recognise Bank to base itself as we look to grow and serve even more customers in the North.”

Recognise Bank was created to provide SMEs (small and medium-sized enterprises) with digitally-enabled banking across a range of unregulated lending options including commercial mortgages, professional buy-to-let loans, bridging loans, working capital loans and professional practice loans.

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In addition to commercial lending, the bank launched a range of FSCS-protected personal savings accounts in September 2021 following the granting of it full banking authorisation.

This year Recognise Bank plans to launch business savings accounts.

A spokesman said: "There will be three people based permanently at the Leeds office, as well as being a base for another half a dozen support staff and underwriters supporting Recognise’s operations in the North, who will divide their time between our Leeds and Manchester offices."