Monument, a challenger bank aimed at the wealthy, has reportedly raised a £28m as it prepares for its launch later this year.
The funds were supplied by a number of angel investors, including Searchlight Capital Partners founding partner Eric Zinterhofer, cybersecurity entrepreneur Rakesh Loonkar and others, according to a report from Sky News.
Monument is currently in the process of getting its license in the UK, it said.
Its goal is to secure a $200bn slice of some the of UK’s wealthiest savers, which it will achieve by attracting the four million people missed by traditional retail banking and private banking for the super reach, it said.
Alongside its savings accounts, customers will be able to apply for loans of up to £2m.
Monument co-founder Mintoo Bhandari told Sky News, “We are very pleased and excited to have successfully completed our Series A funding round, exceeding targets, against such a challenging backdrop.
“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.”
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