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Neobank for the mass affluent Monument set to launch

Neobank for the mass affluent Monument set to launch

Monument, a digital banking startup for the well-heeled, is set to launch in the UK as a fully-licenced deposit-taking institution following the lifting of regulatory restrictions by the Financial Conduct Authority.

Monument is trageting the mass affluent market, estimated at approximately 4.8 million professionals with between £250,000 and £5 million in liquid assets.

The digital bank is in the process of closing a further £20 million funding round, bringing total funding to £60 million.

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.

The bank is set to launch with digital lending propositions for buy-to-let properties which will be followed by the roll out of easy access and various fixed term savings products.

Mintoo Bhandari, CEO of Monument, says: “We are proud to bring to market an App that provides intuitive and highly efficient client onboarding and an immersive service experience. 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.

“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."

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