Monument has announced that the UK’s financial regulators have lifted restrictions on its banking licence, paving way for it to launch as a fully licensed bank.

The approval from the Prudential Regulation Authority and Financial Conduct Authority allows Monument to take FSCS insured public deposits.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Monument intends to focus on nearly 4.8 million mass affluent clients with a combined wealth of approximately £6 trillion.

Initially, the neo-bank plans to offer buy-to-let and bridging loans to landlords allowing them to borrow up to £3m for buy-to-let property investments.

Monument’s other offerings, which will be launched later, will include various fixed-term savings products and a suite of ancillary services.

Monument CEO Mintoo Bhandari said: “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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Our goal is to create an institution that truly understands this community, helps them save and grow their wealth, but which also recognises that there is more to wealth than money. Today marks an important step for us towards achieving that goal as we launch for clients as a fully-licensed bank.”

The lender, which has raised £60m in funding till now, has also launched an app.

Bhandari added: “Through the app, our clients will be able to interact with us by live chat, phone, video and email, and to switch between those channels at the touch of a finger.”

Monument had secured its provisional banking licence in October 2020.