A new digital-only bank Monument that has received an “authorization with restriction” now aims for the UK’s richest and is set to launch within months.
The goal is to provide a better service to the “mass affluent”, defined as people with assets of between £250,000 and £5 million, in addition to the value of their homes.
The Monument bank, which is chaired by Niall Booker, a former chief executive of the Co-operative Bank, has also exceeded its Series A funding target, having raised £20m to date.
“The speed with which we have been executing our plans and progressing through the regulatory process is a testament to the exceptional quality of our team and the vote of confidence by investors in our strategy, in a world that is otherwise full of challenges,” said CEO Mintoo Bhandari.
“We now eagerly look ahead to completing the build of the Bank and launching for clients in 2021,” he added.
Monument estimates that there are around 3.5 million “mass affluent” people in Britain with wealth worth a combined £3.5trn and a combined £200bn in cash between them.
Potential clients include bankers, lawyers, property developers, and doctors.