Monument Corporation, a new UK fintech challenger, is looking to tap Britain’s mass affluent population. Co-operative Bank’s former chief executive, @Niall Brooker, is chairing the venture. Mintoo Bhandari, a former managing director at Apollo Global Management – one of the world’s largest alternative investment manager firms, is leading the venture alongside Brooker.
The start-up reckons around 3.5 million consumers fall into this bracket, which it defines as people with a net worth between £250,000 and £5 million.
Through the last 18 months of the building process, Monument has interviewed roughly 1,800 mass affluent consumers. It says 93% of these respondents “expressed dissatisfaction” with their current banking provider. “Increasingly, private banking is focused on the ultra-high net worth and lags when it comes to embracing modern technology,” says Bhandari.
The start-up also says it is the first bank to offer an entirely digital lending journey for buy-to-let and property investment lending of up to £2 million. The bank will offer live chat, video and co-browsing features.
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UK challenger Monument to tap Britain's mass affluent - FinTech Futures
Monument, a new UK fintech challenger, is looking to tap Britain's 3.5 million mass affluent population with savings and lending products.
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