UK’s mass affluent market gets their first neo bank

The UK’s first neo bank aimed at the mass affluent market has finally launched after the regulators lift restrictions over its on deposit taking.

Monument has launched as a fully licensed deposit taking bank, after the Prudential Regulation Authority and Financial Conduct Authority removed the restrictions.

The digital bank, which was built during the Covid-19 pandemic, is aimed at the 4.8 million professionals, entrepreneurs, property investors and others that are looking for a bank that can help them save and grow their wealth – Monument estimates their combined wealth as £6trn.

Monument CEO Mintoo Bhandari said, “While we never planned to build and launch a bank in the middle of a global pandemic, the timing could not have been more relevant as the demand for, and comfort with, digital finance has accelerated dramatically over the past 18 months.

“We are very excited to take our first steps of addressing the substantial, aspirational, hard-working, asset-rich but time-poor community which holds trillions in wealth in the UK and which lacks the right financial services partner.”

At its launch, Monument will offer clients buy-to-let and bridging loans to support experienced and busy landlords manage and growth their portfolios. Clients will be able to borrow up to £3m for buy-to-let investments and supported by specialist relationship managers.

Furthermore, the company will offer easy access and various fixed term savings products for those seeking to save upwards of £25,000.

It claims its client loyalty approach is like no other. If an existing saver deposits money for a subsequent fixed term, they will get a better rate than a new customer. Additionally, if an existing borrower renews the loan or takes out another one, they will be given favourable rates.

Looking towards the future, the bank is creating a raft of ancillary solutions to complement their current products.

Not only does Monument claim to be the first UK neo bank aimed at the mass affluent market. But it also believes to be the first to blend video and co-browsing capabilities.

Bhandari explained, “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.

Monument has raised £60m in capital, to date, including one of the largest Series A rounds in the FinTech banking space, with it set to raise additional capital. It secured £28m in its Series A back in May 2021 from a series of angel investors.

Copyright © 2021 FinTech Global

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