The challenger bank for the wealthy Monument has received an authorisation with restriction banking licence from the Prudential Regulation Authority and the Financial Conduct Authority 18 months after its launch.
The startup is also in the process of completing a Series A funding round backed by a combination of existing and new experienced investors. That would add to the roughly £20m the company has already raised in funding.
Securing its banking licence, with restrictions, is a key step forward in its plans to launch the bank of choice for the overlooked and underserved market of 3.5 million mass affluent clients in the UK who have a net worth of between £250,000 and £5m.
“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 co-founder Monument Bank. “The speed with which we have been executing our plans and progressing through the regulatory process are a 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.
“We now eagerly look ahead to completing the build of the bank and launching 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.”
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