Monument is a London-based challenger bank launched in 2021 that targets wealthy savers, entrepreneurs and property developers. Since launch it has opened more than 10,000 accounts with average balances of over £60,000. The firm aims to capture a three-to-five percent share of the £6 trillion UK savings market and is developing new products while investing in its technology. Its leadership, led by CEO Ian Rand who joined at the start of 2022, says the bank is pursuing rapid paths to profitability and plans to hit monthly profit in the second half of 2024. Monument completed a £40 million-plus Series B and is now engaging investors about a £100 million Series C to fund growth. The bank reports some politically exposed clients but says this is not material. Monument is a London-based digital-first bank building a cloud-based, SaaS-enabled IT architecture to deliver an entirely digital journey for buy-to-let and property investment lending. The company obtained an authorisation with restriction (AWR) banking licence in October 2020. Monument plans to launch in Summer 2021 and will provide savings products and property investment lending of up to £2m. It raised over £28m in a Series A to complete the build of its technological and operational capabilities ahead of launch. The business has raised approximately over £40m in funding since inception. Monument is led by Founder and CEO Mintoo Bhandari.

Total raised

$89M

Funding rounds

2

Latest round

Series B

Latest activity

Nov 2023