Recognise Bank and GIST Grab Tech Funding

A succinct summary of SME and sustainability success.

SME-focused Recognise Bank and sustainability metrics provider GIST have got tech funding. 

Recognise Bank has got £8.7 million in new capital following the latest round announced by the City of London Group (CoLG), the bank’s parent company.

Wealth management platform FNZ has made an unspecified investment in GIST.

We Recognise You

London-based Recognise will probably recognise that the SME market is very competitive in the UK. Along with the high street banks, other challengers in this space include Bank North, mibanc, Mettle, GB Bank, Soldo, Tide, Starling, Monzo and Revolut.

According to Recognise, CoLG has so far raised almost £65 million in investment during its mission to create a new business bank for UK SMEs.

Recognise recently achieved £100 million in lending, six months after receiving its full authorisation by the Prudential Regulation Authority (PRA) in September 2021. Its personal savings accounts have got £95 million in deposits so far, followed by the launch of business savings accounts in April.

The new capital will be used for business lending, as well as the foundation of a new team for digital innovation, including the creation of new products.

The latest investment comes from two of CoLG’s existing shareholders, PV27, the family office of real estate entrepreneur Ruth Parasol, and Max Barney Investment Limited (MBIL), a London-based property firm.

Last year, Recognise selected ClearBank for key account infrastructure and access to the UK’s payment schemes.

The GIST of it

GIST is based in Nyon, Switzerland – with offices in the UK, US, India and Singapore.

The data and analytics company provides investors and companies with ways to measure corporate impact and performance across four capitals: natural, human, social and produced.

Dr Vian Sharif, Head of Sustainability at FNZ, says: “The imperative for robust, science-based impact data has never been stronger, particularly ahead of a number of global regulatory changes, which require investment firms and advisers to incorporate clients’ ESG preferences into their suitability assessments.”

FNZ’s investment will build on the existing collaboration between the two companies and forms part of a wider partnership which sees GIST’s sustainability data integrated into its sustainable investment solution, FNZ Impact.

GIST was founded in 2011 and employs over 100 people across its offices.

Many UK tech startups have also sensed an opportunity in the sustainability sector. In a variety of scoops, eWeek UK has discovered ReforestPay’s tree-loving launch; carbon insurer Kita; sustainability data platform Supernova; and Expect’s decarbonisation management platform.

In other news, and reported in February, FNZ secured $1.4 billion (£1 billion) in new equity funding from Canada Pension Plan Investment Board and Motive Partners. The fundraising valued the fintech company at over $20 billion (£14.8 billion).

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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