Digital-first bank Monument has received its UK banking licence.
The bank will target mass affluent clients – those with a net worth of £250,000 and £5mn.
These will include entrepreneurs, investors and professionals such as accountants.
It has so far raised £20mn at its Series A funding.
What does this mean?
The business has said that its target market is currently underserved by challenger banks on offer in the UK – and now, exacerbated by Covid-19, everyone expects a digital-first experience.