"Demand for and comfort with digital has gone through a five-year transformation in just three months."
Monument is aimed at professionals, property investors and entrepreneurs who have a net worth of between £250,000 and £5m.
The bank will offer an entirely digital journey for buy-to-let and property investment lending of up to £2million, as well as a range of savings products.
However clients will also have the option to speak to and meet with its relationship managers in city-centre Monument Lounges.
Monument formally submitted its application for a banking licence in December 2019 and says it is currently going through the latter stages of the regulatory approval process.
Over £10 million has been raised by Monument Corporation in seed funding thus far, with working capital for about 15 months.
Monument's executives and board members have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and UK regulators.
Mintoo Bhandari, CEO and co-founder of Monument, said: “We never planned to launch a bank during a global pandemic. But it turns out - as we now find ourselves in the latter stages of the regulatory approval process - the timing is highly relevant. Clients want the ability to bank effectively at their convenience and wherever they are, on their phone or computer and more robustly than they would have imagined possible just last year.
“Increasingly, private banking is focused on the ultra-high net worth and lags when it comes to embracing modern technology. And Premier banking really only exists in name only. We recognise there is a substantial community who deserve far more than they currently experience from their existing bank. Within this underserved segment are doctors working tirelessly through the pandemic, lawyers and accountants working remotely around the clock to help clients navigate the situation, and entrepreneurs and founders of scaling businesses that are crucial employers and represent the future of our economy. They do not experience the level of care and attention from banks that they deserve and expect, and that they deliver to their own clients, especially in these challenging circumstances. Neither do they feel that their loyalty is appreciated.
“Our goal is to create an institution that truly understands this community, treats their time as more valuable than its own, appreciates their loyalty, helps them save and grow their wealth, but which also recognises that there is more to wealth than money.”
Wasim Khouri, chief strategy officer, added: “We are born at a time when the option of a digital-first service is needed more than ever before, and the challenges for existing providers to deliver this and meet their clients’ needs is more exposed than ever. In fact, demand for and comfort with digital has gone through a five-year transformation in just three months.
“We know this is true because clients have told us about the pain points they experience and, as a management team – with a track record not seen in other start-up banks – we are part of this group: we understand what it is to provide excellent client service, and crucially we understand too what it is like to be on the receiving end. That’s why we have created Monument: a bank that marries modern technology with exceptional client service.”
