Monument raises over £28m with plans to launch in summer 2021

New digital-first bank Monument has raised over £28m after completing its Series A funding round.

Since inception, Monument has raised over £40m in funding and is now set to finish building its technological and operational capabilities in a bid to launch this summer.

The bank’s new backers include Eric Zinterhofer, founding partner at Searchlight Capital, and Rakesh Loonkar, president and co-founder of Transmit Security.

Monument received its authorisation-with-restriction banking licence in October 2020 and is now well advanced with the last stage of the mobilisation process.

Once the restriction is lifted, Monument will be able to scale up deposit taking, lending, and begin operating as a fully-fledged bank, providing savings and property investment lending.

Following the official launch, the bank will continue to develop its cloud-based, SaaS-enabled IT architecture and aims to offer its clients an entirely digital journey for BTL and property investment lending of up to £2m.  

It also plans to design its model to reward clients’ loyalty — for example, existing borrowers will get a better rate than new customers on money deposits for a subsequent fixed term, or a loan renewal.

Mintoo Bhandari, CEO and one of the founders of Monument (pictured above), said: “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 [and] launch [to] 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.” 

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