Monument, a new digital lender for the UKs affluent, has secured its official banking license and is enroute to closing its first funding round.
According to Sky News, the fintech bank is set to raise upwards of £10m in equity from its Series A fundraising, thanks to a number of blue-chip investors who agreed to participate in the support of the business.
The company is led by founder Mintoo Bhandari, a former executive at investment firm Apollo Global Management, and chair Niall Booker, former chief executive of the Co-operative Bank.
Reports also suggest that the bank aims to build a “reputable customer base” among the 3.5 million people that it says fall between “mainstream retail banking and private banking for the mega-rich”.
The outlet stated this will involve targeting “a client community that has been largely underserved by the established ‘premier’ and private banks, and unaddressed by other challenger banks [such as] busy professionals, doctors, lawyers, accountants, entrepreneurs and investors”.
Monument estimated that this section of the UK banking market is worth a combined total of £3.5trn, when the bank launches next year it hopes to offer loans of up to £2m.
Bhandari told Sky News: “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.”
Banking Sector has contacted Bhandari for a comment.