Digital bank Monument gets UK banking licence to target mass affluent
Digital-first bank Monument has received its banking licence from UK regulatory authorities, allowing it to begin serving mass affluent clients in the country.
The bank, which has also exceeded its Series A funding target, having raised £20m to date, is specifically targeting mass affluent clients in the UK – an area it believes is significantly underserved by current challenger banks.
Covering entrepreneurs, professionals, accountants, investors, doctors and lawyers, mass affluent clients have a net worth of between £250,000 and £5m, excluding their main residence.
