Casino software pioneer Ruth Parasol investing in start-up bank
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Ruth Parasol, the self-made multimillionaire who co-founded Party Gaming, has had a £25 million investment approved in a new bank.
Ms Parasol, who has a large property portfolio in London, America, Israel and elsewhere, is investing in City of London Group, an Aim-listed company which is launching a bank called Recognise. The start-up, which is expected to receive a banking licence in the next few weeks, aims to target small and medium-sized businesses.
Ms Parasol was one of four founders of Party Gaming, an online casino software pioneer. It merged with an Austrian rival, Bwin, in a £2 billion deal. Bwin was then bought by GVC Holdings, which owns Ladbrokes. Ms Parasol, 53, is worth about £780 million, according to The Sunday Times Rich List.
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