Monument, a ‘digital bank’, has been granted a banking licence from the Prudential Regulation Authority and the Financial Conduct Authority.
The bank will focus exclusively on busy professionals like doctors, lawyers, accountants, entrepreneurs and investors.
It has pledged to be the only bank to offer its clients an entirely digital journey for buy-to-let and property investment, with lending of up to £2million.
The bank is in the process of completing a Series A funding round, backed by a combination of existing and new investors.
It plans to launch in early 2021.
Mintoo Bhandari, chief executive of Monument Bank, said: “We are delighted that we have received our banking licence and are incredibly excited about delivering the exceptional levels of client service that the mass affluent deserve and which has been lacking from existing premier and private banks.
“The speed with which we have been executing our plans and progressing through the regulatory process are 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.
“We now eagerly look ahead to completing the build of the Bank and launching for clients in 2021. Our mission continues to be to combine the capabilities, convenience and efficiencies that modern technology offers with traditional values of trust, security and strength, and to deliver unrivalled service that our valued clients will demand.”
Since inception, Monument has raised circa £20m in funding.