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.

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.

“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.