Key Takeaways
- • Royal Bank of Scotland appoints Catriona Penny as Venture Banking Director, effective October 1, 2026, to expand support for Scotland's high-growth, venture-backed technology and innovation companies seeking capital expansion.
- • Penny brings two decades of financial services experience, most recently as Senior Director for Growth and Acquisition Finance at Virgin Money, where she provided lending up to £10 million to venture-backed UK companies.
- • The appointment addresses a documented gap in Scotland's innovation economy: RBS's recent "From Innovation to Impact" report identified 358 potential high-growth Scottish businesses that had failed to secure follow-on investment or demonstrate scale-up signals.
- • RBS Venture Banking combines regional and sectoral expertise across the UK with institutional partnerships including the Royal Bank Accelerator and Amazon Web Services, positioning Scotland as a leading destination for innovation investment.
- • The announcement was made at the 2026 Female Founders Growth Summit held at RBS's Gogarburn offices in Edinburgh, underscoring the bank's commitment to supporting founder ecosystems across demographics.
Summary
The Royal Bank of Scotland has appointed Catriona Penny as Venture Banking Director, a strategic move designed to strengthen institutional capital support for Scotland's high-growth companies and the venture investors backing them. The appointment, announced October 1, 2026, at the Female Founders Growth Summit in Edinburgh, represents an expansion of RBS's venture banking capabilities focused on innovation-led and technology-backed businesses requiring specialist financial solutions.
Penny assumes her role with substantial relevant experience. Over two decades in financial services, she has held senior positions at Lloyds Banking Group and Virgin Money, where she most recently served as Senior Director for Growth and Acquisition Finance. In that capacity, she led lending operations providing up to £10 million to venture capital-backed, high-growth UK companies—a background directly applicable to her new responsibilities at RBS.
The appointment follows publication of RBS's "From Innovation to Impact: Translating the UK's Untapped Innovation Cohort into Regional Growth" report, which identified a significant market opportunity. The report revealed that while Scotland demonstrates above-average performance in commercializing innovation relative to UK benchmarks, 358 potential high-growth Scottish businesses remain unsupported by follow-on investment, exit opportunities, or demonstrated scale-up signals. Penny's mandate addresses this identified gap by facilitating connections between founders and the capital required for global expansion.
In her capacity as Venture Banking Director, Penny will lead a cross-UK team combining regional and sectoral expertise while leveraging institutional resources from the broader RBS Group, including the Royal Bank Accelerator and strategic partnerships such as Amazon Web Services. This integrated approach positions RBS to provide founders with not only capital solutions but also deep sector knowledge and operational support infrastructure.
The timing of the announcement—at a dedicated female founders summit—reflects RBS's strategic positioning within founder ecosystems and its investment in supporting diverse entrepreneurial talent streams. The appointment reinforces Scotland's competitive positioning as a destination for venture-backed innovation and institutional venture banking support at a moment when documented capital gaps exist within the regional entrepreneurial landscape.
Penny assumes her role with substantial relevant experience. Over two decades in financial services, she has held senior positions at Lloyds Banking Group and Virgin Money, where she most recently served as Senior Director for Growth and Acquisition Finance. In that capacity, she led lending operations providing up to £10 million to venture capital-backed, high-growth UK companies—a background directly applicable to her new responsibilities at RBS.
The appointment follows publication of RBS's "From Innovation to Impact: Translating the UK's Untapped Innovation Cohort into Regional Growth" report, which identified a significant market opportunity. The report revealed that while Scotland demonstrates above-average performance in commercializing innovation relative to UK benchmarks, 358 potential high-growth Scottish businesses remain unsupported by follow-on investment, exit opportunities, or demonstrated scale-up signals. Penny's mandate addresses this identified gap by facilitating connections between founders and the capital required for global expansion.
In her capacity as Venture Banking Director, Penny will lead a cross-UK team combining regional and sectoral expertise while leveraging institutional resources from the broader RBS Group, including the Royal Bank Accelerator and strategic partnerships such as Amazon Web Services. This integrated approach positions RBS to provide founders with not only capital solutions but also deep sector knowledge and operational support infrastructure.
The timing of the announcement—at a dedicated female founders summit—reflects RBS's strategic positioning within founder ecosystems and its investment in supporting diverse entrepreneurial talent streams. The appointment reinforces Scotland's competitive positioning as a destination for venture-backed innovation and institutional venture banking support at a moment when documented capital gaps exist within the regional entrepreneurial landscape.
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