You are here: Home - Saving-Banking - News -

New digital bank will focus on the ‘mass affluent’

Written by: Emma Lunn
Monument will be a ‘digital-first’ bank offering savings products and property investment lending solutions.

The bank first announced its plans in February. The Prudential Regulation Authority and Financial Conduct Authority have now lifted deposit restrictions on Monument’s banking licence, meaning it can operate as a fully-licensed deposit taking bank.

The challenger bank claims to be the first in the UK to focus on the needs of an estimated 4.8 million ‘mass affluent’ clients including professionals, entrepreneurs, and property investors.

Monument says its ‘leading-edge technology combined with the skill and experience of professionals’ will set a new standard in banking customer service.

The bank has raised £60m in capital to date having completed one of the largest Series A funding rounds in fintech-banking earlier this year. Investors include a significant South American financial institution and S CUBE Capital, a fund managed by a Singapore based financial institution.

Mintoo Bhandari, CEO of Monument, said: “We are very pleased to share the news that the regulators have given us the green light to proceed to commercial launch. We are ready and eager to serve clients, who we believe have been lacking a bank that is being developed to serve their needs and service requirements.

“While we never planned to build and launch a bank in the middle of a global pandemic, the timing could not have been more relevant as the demand for, and comfort with, digital finance has accelerated dramatically over the past 18 months.

“We are very excited to take our first steps of addressing the substantial, aspirational, hard-working, asset-rich but time-poor community which holds trillions in wealth in the UK and which lacks the right financial services partner.”

Monument launch products

At launch, the bank plans to offer clients buy-to-let and bridging loans to support landlords to manage and grow their portfolios. Clients will be able to borrow up to £3m for buy-to-let property investments, supported by specialist relationship managers with experience of the market and understanding of client needs.

Monument will also offer easy access and various fixed term savings products, providing competitive rates for people looking to save £25,000 or more.

The bank says it has a different approach to client loyalty than other banks. It says that if an existing saver deposits money for a subsequent fixed term, they will get a better rate than a new customer. Meanwhile an existing borrower who renews their loan, or takes an additional loan, will also be offered a favourable rate.

Potential bank customers can now register their interest and join the waiting list on the Monument website.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week