Monument, a new digital-first UK bank for the mass affluent, is heading for a 2021 launch after securing a Series A investment and restricted banking licence from UK regulatory authorities.
Since inception, Monument has raised circa £20m in funding, with more in progress, providing sufficient capital and operational resources to complete the bank’s tech build for launch.
The Series A funding round has been backed by a combination of existing and new experienced investors. Despite not disclosing figures - a £10 million target has been doing the rounds - the company says demand has exceeded expectations.
The Bank - whose executives and board have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and at the UK regulators - will focus exclusively on clients largely underserved by the established ‘premier’ and private banks, such as busy professionals, doctors, lawyers, accountants, entrepreneurs and investors with a net worth of between £250k and £5m. Monument estimates the wealth of this overlooked segment to be as high as £3.5 trillion, including at least £200bn in liquid savings.
The bank says it plans to provide users with an entirely digital journey for buy-to-let and property investment lending of up to £2 million as well as top quartile savings rates that reward customer loyalty.
Mintoo Bhandari, CEO and one of the founders of Monument Bank, says: “Our mission continues to be to combine the capabilities, convenience and efficiencies that modern technology offers with traditional values of trust, security and strength.”