Monument, a digital banking startup for the well-heeled, has landed £28 million in new funding from existing backers and a trio of angel investors.
Since inception, Monument has raised circa 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.
The new investors in the firm are Eric Zinterhofer, of Searchlight Capital, entrepreneur Rakesh Loonkar and Harry Handelsman, founder and CEO of the Manhattan Loft Corporation.
The startup, which is targeting people with between £250,000 and £5 million in loiquid assets, received its “authorisation with restriction” (AWR) banking licence in October 2020. When it launches in the Summer of 2021, it will provide savings and property investment lending using a cloud-based SaaS enabled IT architecture.
Monument has brought in Mambu, Salesforce, Amazon Web Services, Persistent Systems and Accenture for its technology build. Mambu is providing the central core banking engine, alongside Salesforce for CRM, and AWS for cloud services. Persistent Systems and Accenture Interactive will support the build.
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."