Monument Bank has secured provisional licence from the UK watchdogs Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).

The move comes ahead of its launch in early 2021. Monument is also looking to close a funding round to support its launch.

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It expects to raise more than its previous £10m Series A equity funding round, with many blue-chip investors who have already agreed to participate.

So far, the bank has raised €20m of funding from investors.

The new digital lender intends to tap into the Britain’s €200bn affluent savings market and £3.5 trillion in combined net wealth, with its banking licence.

Monument Bank, which is chaired by Co-operative Bank’s former CEO Niall Booker, aims to create a customer base among the 3.5 million wealthy retail and private banking individuals in the market.

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The bank describes these individuals as “a client community that has been largely underserved by the established ‘premier’ and private banks, and unaddressed by other challenger banks: busy professionals, doctors, lawyers, accountants, entrepreneurs and investors.”

After launching next year, the bank said it will provide clients with access to loans of up to €2m.

Monument founder and CEO Mintoo Bhandari said: “We are delighted that we have received our banking licence and are incredibly excited about delivering the exceptional levels of client service that the mass affluent deserve and which has been lacking from existing premier and private banks.

“The speed with which we have been executing our plans and progressing through the regulatory process are a testament to the exceptional quality of our team and the vote of confidence by investors in our strategy, in a world that is otherwise full of challenges.

“We now eagerly look ahead to completing the build of the Bank and launching for clients in 2021.

“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.”