Former MD of Metro Bank preps new SME challenger
Recognise readies for launch
Jason Oakley, the former MD of Metro Bank, is readying his new SME challenger bank to enter the extremely crowded UK market.
These are early days but Oakley says its SME banking licence application is “going well” and the new entity will be called Recognise.
He says the name is designed to “reflect the lack of recognition and dedication to SMEs from the big banks” and “no relationship, no contact, no recognition of the vital role they play in our economy”.
It seems every new bank has to make a sarcastic reference to the old order.
According to Oakley, who is currently the MD of Echo Financial Services, he took Metro’s commercial and mortgages lending business from £60 million to over £2.5 billion. He worked at Metro for three years.
Oakley adds that Recognise aims to be trading under restriction by the middle of next year.
He is also the founder and majority shareholder in Acorn to Oaks Financial Services Limited. This company was set up in 2008 and offers financial advice.
With so many new entrants trying to muscle into the UK banking sector, we have put together a comprehensive list of the known challengers to date and the technology they are using.
