Monument, a digital banking startup for the mass affluent, has paved the way for its launch this summer by raising over £28 million in a series A funding round.
The investment was led by a combination of new and existing experienced investors and takes the company’s total funding to more than £40 million.
The company said the funding puts it in a good position to complete the build of its technological and operational capabilities ready for the planned launch of its services in the summer of 2021.
Monument received its “authorisation with restriction” (AWR) banking licence in October 2020, which the company describes as a key step forward in its plans.
The challenger is aiming to provide financial services to more than four million professionals, property investors, entrepreneurs and others that are seeking a bank to help them save and grow their wealth.
Monument’s launch in the summer of 2021 will include provision of savings and property investment lending.
The banking challenger said it now “well advanced with last stage of the licencing process” – called “mobilisation” – where it is finishing building the infrastructure and processes, expanding its team, and demonstrating to the regulators that it is ready for launch.
Once regulators’ requirements have been met and the restriction on the licence is lifted, it will be able to scale up deposit taking, lending and begin operating as a fully-fledged bank.
Monument plans to offer cloud-based SaaS enabled IT architecture, as part of a digital journey for buy-to-let and property investment with lending of up to £2million.
Mintoo Bhandari, chief executive and co-founder of Monument, said: “We are very pleased and excited to have successfully completed our Series A funding round, exceeding targets, against such a challenging backdrop.
“Looking ahead, 2021 will be an even more significant year for Monument as we continue to build our bank, expand our capabilities, launch, and serve the mass affluent, and provide them the level of client service they deserve.”
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