Mintoo Bhandari

New digital-first BTL bank secures banking licence ahead of launch




Monument has received an authorisation with restriction (AWR) banking licence from the PRA and FCA.

The milestone was achieved in just over 18 months and, despite the challenges of the Covid-19 pandemic, Monument is in the process of completing a series A funding round backed by a combination of existing and new experienced investors.

Since inception, Monument has raised approximately £20m in funding, with more in progress, to provide capital and operational resources to complete the bank’s build for launch.
 
The bank’s executives and board have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts, and at the UK regulators, among others.

It will focus exclusively on a community that it believes has been largely underserved by the established and private banks, and unaddressed by other challenger banks: busy professionals, doctors, lawyers, accountants, entrepreneurs, and investors.  

Monument will offer its clients an entirely digital journey for BTL and property investment lending of up to £2m. 

Its model is designed to reward loyalty, so, if a saver deposits money for a subsequent fixed term, they will get a better rate than a new customer. 

A borrower who renews their loan will also get a favourable rate.  

The bank is seeking to be contrarian in its approach by carefully entering the market at a point in time when it believes that geopolitical and pandemic risks are reasonably priced in the market.  
 
“We are delighted that we have received our banking licence and are incredibly excited about delivering the exceptional levels of client service that the mass affluent deserve and which has been lacking from existing premier and private banks,” said Mintoo Bhandari, CEO and one of the founders of Monument Bank (pictured above). 

“The speed with which we have been executing our plans and progressing through the regulatory process are testament to the exceptional quality of our team and the vote of confidence by investors in our strategy, in a world that is otherwise full of challenges.” 

It is now aiming to complete the build of the bank and will launch for clients in 2021. 

“Our mission continues to be to combine the capabilities, convenience and efficiencies that modern technology offers with traditional values of trust, security and strength, and to deliver unrivalled service that our valued clients will demand.”

The bank takes its name from the Monument, a globally recognised commemoration of the Great Fire of London and celebration of the rebuilding of the capital and the World’s first modern city.  

It represents the end of the old era and a transition to modernity and the future as wooden buildings were replaced with the newer, stronger structures that are now synonymous with the City’s longevity and security.

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