Monument, a new digital first bank for the mass affluent, has received a banking licence from the UK regulatory authorities. These include the PRA and the FCA.
Furthermore, it is in the process of completing its Series A funding round. This has been backed by a combination of new and experiences investors and, since inception, Monument has raised around £20m ($26m) in funding.
Monument gains licence: now what?
Monument will target a client community that it feels has been “underserved”. These include busy professionals, doctors, lawyers, accountants, entrepreneurs, and investors. There is a market of 3.5 million mass affluent clients in the UK with, according to the new player, an estimated wealth of £3.5trn altogether.
The firm will be the only bank to offer its clients an entirely digital journey for buy-to-let and property investment lending of up to £2m.
In addition, it will offer top quartile savings rates and has a model that rewards loyalty. If a saver deposits money for a subsequent fixed term, they will receive a better rate than a new customers. Similar benefits are given to those who renew loans.
Mintoo Bhandari, CEO and one of the founders of Monument Bank, said: “We are delighted that we have received our banking licence and are incredibly excited about delivering the exceptional levels of client service that the mass affluent deserve and which has been lacking from existing premier and private banks.
“The speed with which we have been executing our plans and progressing through the regulatory process are a testament to the exceptional quality of our team and the vote of confidence by investors in our strategy, in a world that is otherwise full of challenges. We now eagerly look ahead to completing the build of the Bank and launching for clients in 2021.
“Our mission continues to be to combine the capabilities, convenience and efficiencies that modern technology offers with traditional values of trust, security and strength, and to deliver unrivalled service that our valued clients will demand.”