Monument Bank, founded in 2019, has grown rapidly since securing its full UK banking licence in late 2021. Monument has raised approximately £135 million to date, including a £40 million Series B in November 2023, and is now in the midst of a £200 million Series C round. So far, it has secured £30 million toward that target, with a post-raise valuation expected to hit £1 billion.
The digital-first challenger is focused on the mass-affluent segment and began onboarding clients in 2022. By mid-2024, it had surpassed 30,000 customers, adding hundreds daily, with average balances north of £60,000. Customer deposits have soared, from £2 billion in May 2024 to £3 billion just two months later, while total assets reached around £5 billion by early 2025.
The leadership team, led by CEO Ian Rand (ex-Barclays), has recently added senior talent, including a new CTO in early 2025, to support growth. Looking ahead, Monument is targeting an IPO on Nasdaq by the end of 2027, with possible secondary listings in Dubai or India. The business is also eyeing banking licences in both regions as part of its international growth strategy and is planning to scale its product offering with new savings and lending solutions tailored to its niche audience.
Seekhr began working with Monument Bank in 2021, post Series A funding and has since built out the People & Talent function including key hires such as:
- Founding People Lead
- Talent Leader
- People Coordinator
- Office and People Manager
