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12th October 2020, 16:30

​Party Gaming founder Ruth Parasol invests £25 million in launch of a new UK bank 'Recognise', set to help small and medium-sized businesses

Published by GBC News

Party Gaming founder, Ruth Parasol has invested £25 million in the launch of a new UK bank 'Recognise', set to help small and medium-sized businesses. It is the largest single commitment to the banking sector since the pandemic, according to the newspaper The Times.

Following the investment by Gibraltar-based Parasol V27 Limited, an affiliate and under the management of RG Advisors, it will hold almost a 40% stake in the City of London Group plc, an AIM listed company. RG Advisors, chaired by Ms Parasol, is the private family office of Ms Parasol. As part of the investment, both she and the company's Senior Advisor, Nyreen Llamas, have been appointed to the board.

RG Advisors believe there's a funding gap for small to medium-sized businesses that will widen post-pandemic, with banks less inclined to support new ventures. It believes there's a real opportunity for Recognise to make a difference in the coming years and help prospective customers underserved by the current banking market.

Recognise is expected to receive its banking licence in the next few weeks.