A new digital bank, Monument, is preparing to launch its services in the UK.
The lender will provide digital services for buy-to-let and property investment lending of up to £2m. The service is aimed at professionals, property investors and entrepreneurs who have a net worth of between £250,000 and £5m.
Although operating as a digital platform, customers may also communicate with Monument’s relationship managers across its city-centre Monument lounges.
Monument submitted its application for a banking licence in December last year, and is now going through the latter stages of its regulatory approval process.
To date, over £10m has been raised by Monument Corporation in seed funding in order to support its launch.
Mintoo Bhandari, CEO and co-founder of Monument, said: “We never planned to launch a bank during a global pandemic. But it turns out – as we now find ourselves in the latter stages of the regulatory approval process – the timing is highly relevant.
“Clients want the ability to bank effectively at their convenience and wherever they are, on their phone or computer and more robustly than they would have imagined possible just last year.”
He added: “Increasingly, private banking is focused on the ultra-high net worth and lags when it comes to embracing modern technology.
“And Premier banking really only exists in name only. We recognise there is a substantial community who deserve far more than they currently experience from their existing bank.”
Wasim Khouri, chief strategy officer, added: “We are born at a time when the option of a digital-first service is needed more than ever before, and the challenges for existing providers to deliver this and meet their clients’ needs is more exposed than ever.
“In fact, demand for and comfort with digital has gone through a five-year transformation in just three months.”
She added: “We know this is true because clients have told us about the pain points they experience and, as a management team – with a track record not seen in other start-up banks – we are part of this group.
“We understand what it is to provide excellent client service, and crucially we understand too what it is like to be on the receiving end. That’s why we have created Monument: a bank that marries modern technology with exceptional client service.”