Move comes after co-founder steps down
Digital SME lender Recognise Bank has appointed Jean Murphy (pictured) as chief executive officer, subject to final approval by the Prudential Regulation Authority.
She will spearhead future fundraising rounds by Recognise Bank, which has already raised over £65 million.
Murphy brings over 25 years of experience of banking and capital markets for several leading global institutions. She previously held senior roles at a number of international banks, including director of private banking at Morgan Stanley and executive director of Goldman Sachs’ wealth management division. She also set up an investment management consultancy advising family offices and high-net-worth individuals.
Murphy takes up the role after Jason Oakley, the bank’s co-founder, stepped down in March 2022. Fellow co-founder Bryce Glover took over as interim CEO while the search for a new chief executive was ongoing. Glover will now return to his former role as deputy CEO.
Read more: Recognise Bank gets £8.7 million capital raise.
Murphy said her appointment presents “an exciting opportunity to lead a new bank, driven by a talented, energised team of people who are passionate about helping SMEs.”
“My role is to set out the next stage of the Recognise journey and build a strategy for growth and innovation,” she added. “British businesses face significant challenges over the coming years, but there is also huge potential for success. What they need is the support of a bank that is driven by expertise, insight, and imagination, with a strong focus on anticipating and meeting their financial needs.”
Phil Jenks, chair of the City of London Group - the parent company of Recognise Bank - welcomed Murphy’s appointment as CEO and added that they look forward to working with her in the years ahead.
“Jean brings huge experience of banking and capital markets to this role, along with a vital entrepreneurial spirit gained from building her own successful company, which gives her an appreciation of the challenges that business owners face,” Jenks said.
Launched in November 2020, Recognise Bank was created to provide SMEs with a digital bank offering a range of unregulated lending options through a network of relationship managers based in hubs around the UK. Six months after full authorisation, the bank hit a milestone of £100 million in lending. Its last fundraise in May brought in £8.7 million in fresh capital.