Monument has had deposit restrictions on its licence lifted by the PRA and FCA. The firm can now operate as a fully-licensed deposit taking bank.

The bank claims to be the first neo-bank in the UK launched specifically to meet the demands of mass affluent clients. According to Monument, there are 4.8 million seeking a bank to help them save and grow their wealth.

So far, it has raised £60m ($81.3m) in funding from experienced investors, and figures in venture capital, private equity, fintech and real estate. In addition, a South American financial institution has sent funding and S CUBE Capital, a fund managed by a Singapore-based financial institution.

Mintoo Bhandari, CEO of Monument, said: “We are very pleased to share the news that the Regulators have given us the green light to proceed to commercial launch. We are ready and eager to serve clients, who we believe have been lacking a bank that is being developed to serve their needs and service requirements.

“While we never planned to build and launch a bank in the middle of a global pandemic, the timing could not have been more relevant as the demand for, and comfort with, digital finance has accelerated dramatically over the past 18 months.

“We are very excited to take our first steps of addressing the substantial, aspirational, hard-working, asset-rich but time-poor community which holds trillions in wealth in the UK and which lacks the right financial services partner.

“We will be entirely focused on understanding our clients’ needs and providing them with great service, enabled by technology, which we think will set a new standard. Our goal is to create an institution that truly understands this community, helps them save and grow their wealth, but which also recognises that there is more to wealth than money. Today marks an important step for us towards achieving that goal as we launch for clients as a fully-licensed bank.”