"We are confident that digital first firms, including Monument, can play an exceptional role in supporting the ‘building back better’ of our economy."
Since inception, Monument has raised over £40m in funding, and it is now set to launch in the summer of 2021.
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.
Monument’s new backers include Eric Zinterhofer, a founding partner of Searchlight Capital, Rakesh Loonkar, one of Goldman Sachs’ '100 Most Intriguing Entrepreneurs', and Harry Handelsman, who has been behind some of the most iconic property developments in London.
Monument received an ‘authorisation with restriction' (AWR) banking licence from the PRA and the FCA in October 2020.
The Bank says it is now "well advanced" with last stage of the licencing process where it is finishing building the infrastructure and processes, expanding its team, and demonstrating to the regulators that it is ready for launch. When they are satisfied, 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.
Mintoo Bhandari, CEO and one of the founders 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. We are truly thankful to our investors who have shown faith in the robustness of our business strategy, the strength of our team, and the clarity of our plans. 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.
"Furthermore, as the global and national focus turns towards economic recovery, we are confident that digital first firms, including Monument, can play an exceptional role in supporting the ‘building back better’ of our economy. I believe these businesses are likely to be a key enabler and driving force for society’s digital future and renewed prosperity.”
