Monument Receives Full Banking Licence

The mass-affluent bank will soon launch savings products.

November 17, 2021
Monument Receives Full Banking Licence
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The challenge bank Monument has been granted a full banking licence, allowing it to fully launch in the UK and offer a range of products to its customers.

The bank is aimed at the mass affluent market, characterised as professionals who have liquid assets between £250,000 and £5 million. The size of this market in the UK is estimated at being around 4.8 million potential customers.

Now that the Financial Conduct Authority has granted the licence and lifted regulatory restrictions, the bank is preparing its launch in a bid to capture as many of these customers as possible.

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New Bank, New Tech

Now that Monument is in a position to launch, it has declared what its initial and projected product offering will be.

At launch, the bank is going to offer buy-to-let mortgages up to the value of £3 million, as well as bridging loans. And now that the restrictions are lifted and the bank is able to take deposits, it will soon offer savings accounts, including fixed-term and easy-access options, suitable for customers looking to deposit more than £25,000.

The bank has said that existing mortgage and loan customers will get the best savings rates, rather than those going to new clients.

As well as offering a new banking proposition for the mass affluent market, the bank is also looking at ways of providing the best service to these customers. This includes bringing on board some of the largest tech companies in the world to build its tech, including Mambu, Salesforce and Amazon Web Services.

One of the key features being touted already is the option for customers to be able to interact with customer services staff via live chat, phone, email and live video calls, and to be able to switch seamlessly between these options quickly via the app.

We believe we are the first bank in the UK, and possibly one of the first in the world, to offer simultaneous ‘video and co-browsing' capabilities, enabling our relationship team to interact with clients almost as if they were ‘in the same room', saving time by addressing questions ‘live' so their applications can be completed and processed as quickly as possible.

Mintoo Bhandari, CEO of Monument

History of Monument

Monument Bank was first announced in July 2020 and was granted its restricted licence to operate in October of the same year. Since then it has been gradually preparing for the full licence to be offered, focusing on its buy-to-let mortgage and bridging loan services in the mean time.

The bank has recently finalised a £20 million funding round, bringing the total funding of the bank to £60 million since it was first launched. Previously the bank has stated that it won’t offer any form of current account, with an intention of connecting to customers’ existing bank accounts via open banking.

Instead, the focus is on a tailored and quality service for its chosen products, including the aim of approving buy-to-let mortgages within just 8 minutes.

Andrew Cook
Andrew Cook
Hi, I'm Andrew and I am a news writer for CompareBanks. My main focus is on digital and online banks and looking at the banking landscape is changing within the UK and around the world.

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