Monument digital bank gets the green light from regulators

The new Monument digital bank has been approved to start receiving deposits, which allows it to be launched.

The lender plans to target more affluent clients such as professionals, entrepreneurs and real estate investors, offering savings and mortgages.

At launch, the bank offers rental mortgages up to £ 3million and bridging loans.

Monument announces that it will soon be offering easy-to-access, fixed-term savings products to customers wishing to deposit more than £ 25,000.

Monument says it will offer preferential rates to existing customers rather than giving new customers its best deals.

He also says he will provide “ancillary services” to members.

Monument has raised £ 60million in capital to date after completing the Series A fundraising earlier this year as well as its current fundraiser, which will close shortly.

Monument CEO Mintoo Bhandari said: “We are very happy to share the news that regulators have given us the green light to proceed with the commercial launch.

“We are ready and eager to serve clients who we believe lack a developing bank to meet their needs and service requirements.

“While we never planned to create and launch a bank in the midst of a global pandemic, the timing could not have been more relevant as the demand and convenience with digital finance has accelerated dramatically over the course of over the past 18 months.

“We are very happy to take our first steps in reaching out to the substantial, ambitious, hardworking, asset-rich but time-poor community that holds billions of wealth in the UK and does not have the right service partner. financial.

“We will be completely focused on understanding our customers’ needs and providing them with excellent service, made possible by technology, which we believe will set a new standard.

“Our goal is to create an institution that truly understands this community, helps them save and grow their wealth, but also recognizes that there is more to wealth than money.

“Today marks an important step for us towards achieving this goal as we step forward for clients as a fully licensed bank.

“We have assembled a team that truly understands the customers we will be serving. Nowhere is this more evident than with our loan specialists, with their many years of dealing with clients’ borrowing needs, which will truly bring a better experience to experienced homeowners.

Bhandari adds, “We are proud to bring to market an application that offers intuitive and highly efficient customer integration and an immersive service experience.

“Through the app, our customers will be able to interact with us via live chat, phone, video and email, and switch between these channels with the touch of a finger.

“We believe that 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, allowing our relationship team to interact with clients almost as if they were in the same room, saving time by answering questions live so their applications can be completed and processed as quickly as possible.

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