"Today marks an important step for us towards achieving that goal as we launch for clients as a fully-licensed bank."
Monument is aimed at professionals, property investors and entrepreneurs who have a net worth of between £250,000 and £5m.
At launch, the Bank is offering clients buy-to-let and bridging loans to help experienced landlords 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.
The Bank has raised £60 million in capital to date. Its executives and board have held senior roles in HSBC, Barclays, McKinsey & Co, Apollo Global Management, PWC, and Coutts, amongst other organisations.
The Bank received its “authorisation with restriction” license in October 2020. The removal of all restrictions marks the completion of the last stage of the licensing journey whereby Monument finished building the infrastructure and processes, expanded its team, and demonstrated to the regulators that it is ready for launch.
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."
