MoneeMint, a British digital bank scheduled for launch in the first quarter of next year, has received funding from private investment firm Ground One Ventures.

The bank plans to use the capital to speed up technology delivery roadmap as well as go-to-market execution. Investment details were not revealed.

MoneeMint will prioritise financial services that are ethical and cost-effective. It also believes in a collaborative approach with fintech and banks.

The bank will target underserved bankable communities across UK and Europe.

It previously operated under the name Ummah Finance, catering to the UK’s Muslim population, before being rebranded in September 2018.

MoneeMint co-founder Hassan Waqar said: “We are going back to drawing board, looking at each and every aspect of customer current banking journey, the hardship they face and changing it fundamentally from grounds up – giving our customers the freshest banking experience.”

Besides, the bank appointed a new board, which includes investor Raheel Iqbal representing Ground One Ventures.

Fintech consultancy Fintricity CEO Alpesh Doshi will also have a seat on the new board.

Ground One Ventures CEO Gerry McGowan said: “We are very excited to partner with MoneeMint and to drive this initiative through our technology investment and executive advisory support.

“At Ground One, we are partnering up with startups across Europe, GCC and ASEAN region and helping passionate entrepreneurs build disruptive businesses.”