New digital first bank Monument secures £28m Series A funding round

Financial Services | Funding | South East

banks

Despite the continued challenges of the Covid-19 pandemic and its impact on funding rounds globally, Monument has raised over £28m in Series A funding.

Since inception, Monument has raised over £40m in funding, and it is now well placed to complete the build of its technological and operational capabilities and to be ready for launch in the Summer of 2021.

Monument’s new backers include Eric Zinterhofer (a founding partner of Searchlight Capital), Rakesh Loonkar (one of Goldman Sachs’ “100 Most Intriguing Entrepreneurs”), and Harry Handelsman (who has been behind some of the most iconic property developments in London).

The pandemic has generally dented investor sentiment globally especially in early-stage companies.  According to a Crunchbase report, European venture funding declined 20% in H1 2020 compared to H1 2019 with the UK experiencing a notable funding hit.

Monument received its “authorisation with restriction” (AWR) banking licence in October 2020, which was a key step forward in its plans to launch the first challenger bank in the UK to meet the unmet demands of over four million professionals, property investors, entrepreneurs and others that are seeking a bank to help them save and grow their wealth. When it launches in the Summer of 2021, it will provide savings and property investment lending backed by exceptional client service.

The Bank is now well advanced with last stage of the licencing process’ – called “mobilisation” – where it is finishing building the infrastructure and processes, expanding its team, and demonstrating to the regulators that it is ready for launch.

Mintoo Bhandari, CEO and one of the founders of Monument, said: “We are very pleased and excited to have successfully completed our Series A funding round, exceeding targets, against such a challenging backdrop. We are truly thankful to our investors who have shown faith in the robustness of our business strategy, the strength of our team, and the clarity of our plans. Looking ahead, 2021 will be an even more significant year for Monument as we continue to build our bank, expand our capabilities, launch, and serve the mass affluent, and provide them the level of client service they deserve.

“Furthermore, as the global and national focus turns towards economic recovery, we are confident that digital first firms, including Monument, can play an exceptional role in supporting the ‘building back better’ of our economy. I believe these businesses are likely to be a key enabler and driving force for society’s digital future and renewed prosperity.”

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