Monument is the first neo-bank to be launched in the UK specifically to meet the demands of mass affluent clients – approximately 4.8 million professionals, entrepreneurs, property investors and others – who are seeking a bank to help them save and grow their wealth (which is estimated at c.£6 trillion).

The bank has raised £60 million in capital to date, having successfully completed one of the largest Series A funding rounds in fintech-banking earlier this year and including our current fundraising round (which is shortly to close having exceeded £20m).

Monument has attracted investment from highly-experienced investors, including respected figures in venture capital, private equity, fintech and real estate as well as a significant South American financial institution 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.”

At launch, the Bank is offering clients buy-to-let and bridging loans to support experienced and busy landlords to manage and grow their portfolios. Clients will be able to borrow up to £3 million for buy-to-let property investments, supported by specialist relationship managers with deep experience of the market and understanding of client needs.

Monument will also offer easy access and various fixed-term savings products very shortly, providing competitive rates which offer fair and flexible savings opportunities for individuals looking to save upwards of £25,000.

Mintoo Bhandari added: “We have assembled a team that really understands the clients we will be serving. Nowhere is this more evident than with our Lending specialists, with their many years of dealing with clients’ borrowing needs, who will truly bring a better experience to experienced landlords”.