Soon, a new bank will launch in the United Kingdom: Recognise Financial Services plans to establish a new bank for small- and medium-sized businesses. A lead investment in the amount of £25M was done by Ruth Parasols single family office RG Advisors. That’s the largest investment since the beginning of the global COVID-19 pandemic. Parasol’s family office believes in a funding gap for SME in UK, since banks will likely shy away from the funding of new ventures after the pandemic. It is expected that the new challenger bank will receive its full banking license in the following weeks. Recognise is led by CEO Jason Oakley, who was formerly a Managing Director of Commercial Banking & Mortages at Metro Bank.
Ruth Parasol Single Family Office: RG Advisors
The lead investor, RG Advisors, is the single family office of Ruth Parasol. RG Advisors is Gibraltar-based and was founded in 2004. Parasol founded PartyGaming in 1997, which was sold to Bwin Interactive in 2010. Her net worth is estimated at £780M. Through different investment vehicles, Parasol invests in technology, real estate, private equity and other asset classes.
Source: GBC, 28.10.2020
Picture Source: Michal Mrozek
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