Monument Bank Limited
| ISIN | 🆔 |
|---|---|
| Industry | Financial services |
| Founded 📆 | 2017 |
| Founder 👔 | Mintoo Bhandari, Vikash Gupta |
| Headquarters 🏙️ | London, England, UK |
Area served 🗺️ | United Kingdom |
| Products 📟 | Banking |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Monument Bank Limited, also known as Monument Bank or Monument, is a UK-based neobank.[1] The bank’s head office is based near Oxford Street in London, England. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
It was granted a full banking licence in November 2021.[2]
Aimed at professionals, property investors, and entrepreneurs, the bank describes itself as having a different focus to other challenger banks that have emerged in recent years.[3] It claims to be the first UK neobank to meet the needs of mass affluent customers that are under-served in the UK market.[4] [5]
History
Monument Bank was co-founded in 2017 by Mintoo Bhandari and Vikash Gupta.[6]
Bhandari held the role of CEO until 2022, following the appointment of former chief of Barclays Business Banking Ian Rand to CEO of the bank. Bhandari transitioned to the role of global head of corporate development.[7]
Fundraising
Dubai Investments, a leading investment company listed on the Dubai Financial Market, acquired a 9% equity stake in Monument Bank in January 2023.[8]
Products & Services
Monument Bank launched its first savings and lending products in 2021 after receiving its full banking licence.[9] [10] As a specialist lender, focused on the buy-to-let market, its existing lending products are predominantly available to customers via mortgage intermediaries.[11]
In February 2023, it launched a lifestyle platform that offers its customers a collection of third-party services to help them with their financial, personal, and professional goals.[12]
Mobile Apps
The bank has a mobile app for iOS and Android phones. The app has an entirely in-app experience, where its customers can switch communication channels (i.e. chat, email, mobile phone call) with a Monument adviser within the app. The app includes a co-browsing facility, where customers can be directly supported by a Monument adviser within the app.[13]
Technology
Monument Bank selected Mambu, Salesforce, Amazon Web Services, Persistent Systems, and Accenture to support its technology build.[14] The bank uses cloud and microservices technology, enabling a plug and play approach.[15] It selected Persistent Systems to support the development of its systems architecture that will allow it to add new Software-as-a-Service (SaaS) components as new products and services are required.[16]
References
- ↑ "London-based digital-first bank Monument raises £28M to launch in summer 2021". UKTN | UK Tech News. 2021-02-26. Retrieved 2023-02-10.
- ↑ Harrison, Polly Jean (2020-10-12). "Digital Bank Monument Receives UK Banking License". The Fintech Times. Retrieved 2023-02-10.
- ↑ "Monument, a new digital bank for the rich, wins banking licence". Sifted. 2020-10-08. Retrieved 2023-02-10.
- ↑ "2021: Top five new fintechs and neobanks".
- ↑ "2 new UK digital banks take aim at profitable 'mass affluent' market". www.spglobal.com. Retrieved 2023-02-10.
- ↑ "London-based digital-first bank Monument raises £28M to launch in summer 2021". UKTN | UK Tech News. 2021-02-26. Retrieved 2023-02-10.
- ↑ "'Mass affluent' neo-bank Monument hires former Barclays chief as CEO". UKTN | UK Tech News. 2022-01-06. Retrieved 2023-02-10.
- ↑ Release, Press. "Dubai Investments acquires stake in Monument Bank, UK based digital bank". www.zawya.com. Retrieved 2023-02-10.
- ↑ "UK digital bank Monument launches first savings product". Finextra Research. 2021-12-09. Retrieved 2023-02-10.
- ↑ Milner, Leah (2021-11-08). "Digital bank Monument preparing to launch". Mortgage Finance Gazette. Retrieved 2023-02-10.
- ↑ "Monument launches BTL loan calculator to speed up affordability level checks". bridgingandcommercial.co.uk. Retrieved 2023-02-10.
- ↑ "Monument Bank introduces Member Services - Fintech Finance". ffnews.com. Retrieved 2023-02-10.
- ↑ "Upmarket neobank Monument gears up for next funding round as launches savings products". AltFi. Retrieved 2023-02-10.
- ↑ "Monument picks tech vendors to build bank for mass affluent". Finextra Research. 2020-11-18. Retrieved 2023-02-10.
- ↑ "UK digital bank Monument launches "market topping" savings products". AltFi. Retrieved 2023-02-10.
- ↑ "UK challenger Monument partners Persistent to build digital banking platform".
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