Digital bank Monument announced it has received an ‘authorisation with restriction’ (AWR) banking licence from the UK regulatory authorities.
The company is about to complete a Series A funding round backed by a combination of existing and new experienced investors, where demand has exceeded expectations.
Since its inception the challenger has raised £20mln and there is more in progress so it can launch in 2021.
Its executives held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and at the UK regulators, among others.
The target customers will be professionals, doctors, lawyers, accountants, entrepreneurs and investors, a community “that has been largely underserved by the established ‘premier’ and private banks, and unaddressed by other challenger banks”, Monument said.
Monument estimated the wealth of this overlooked segment to be as high as £3.5 trillion, including at least £200bn in liquid savings.
The bank will offer its clients an entirely digital journey for buy-to-let and property investment lending of up to £2mln.