Monument gets go ahead to operate as deposit-taking bank

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have lifted deposit restrictions on Monument’s licence, allowing the firm to operate as a fully licenced deposit-taking bank.

The removal of all restrictions marks the successful completion of the last stage of its licensing journey, during which Monument finished building the infrastructure and processes, expanded its team and demonstrated that it is ready for launch.

The bank — which received its authorisation with restrictions in October 2020 — was created to cater to mass-affluent clients, including professionals, entrepreneurs and property investors who are seeking a bank to help them save and grow their wealth.

It will offer BTL loans up to £3m and bridging facilities to support experienced landlords to manage and increase their portfolios, as well as easy-access and fixed-term savings products for individuals looking to save upwards of £25,000.

In addition, the lender is currently developing a further suite of ancillary member services specifically for the mass affluent.

As part of its digital approach to lending, the bank is also set to introduce an app for its services, which will allow clients to open savings account in minutes, and directly get in contact with the bank’s team, through live chat, phone, email or video, to complete and process applications swiftly. 

Potential clients can now register their interest and join the waiting list on the Monument website.

Mintoo Bhandari, CEO at Monument (pictured above), 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 focused on using technology innovatively to deliver great experiences to our mass-affluent clients, and on establishing a standard that other financial institutions will aspire to match.

“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. 

“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.”

Currently, the bank has raised £60m in capital, which includes the funds raised during its Series A round completed earlier this year, as well as its current fundraising, which is soon to close, having exceeded £20m.

Monument has attracted investment from highly experienced investors, including respected figures in venture capital, private equity, fintech and real estate, as well as the S CUBE Capital fund.

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