Monument has completed its £28m Series A

UPDATE 25-02-2021 - Post-publication Monument confirmed to AltFi that this round has completed.

Digital bank for the wealthy Monument has closed the Series A funding round that the bank has been working on for the last six months.

In October Monument secured a UK banking licence and said it had raised over £20m so far, today Sky News reported that figure is now over £28m, and the round is complete.

"We are very pleased and excited to have successfully completed our Series A funding round, exceeding targets, against such a challenging backdrop,” co-founder, Mintoo Bhandari told Sky News.

"As the global and national focus turns towards economic recovery, we are confident that digital-first firms, including Monument, can play an exceptional role in supporting the 'building back better' of our economy."

Among the investors were Eric Zinterhofer, of Searchlight Capital, entrepreneur Rakesh Loonkar and Harry Handelsman, founder and CEO of the Manhattan Loft Corporation.

As a reminder Monument is targeting some 4m people in the UK who have a net worth of between £250k and £5m, excluding their main property.

While that might sound exclusive, earlier reports indicated that the bank requires customers to have at least £25,000 in their accounts, which is half of what is needed to open an account at many private banks.

Monument says this group is a “poorly served community which deserves far more than they currently experience from their banks”.

With funding now complete and the appointment of ex-Co-operative Bank CEO Niall Booker as chairman in July, the bank now looks to be in a strong position to hit its 2021 launch target.