This takes the amount raised by Monument to over £40m and will provide it with the funds required to complete the build of its technological and operational capabilities and to be ready for launch in the Summer of 2021.

Monument’s backers include Eric Zinterhofer (a founding partner of Searchlight Capital), Rakesh Loonkar (one of Goldman Sachs’ “100 Most Intriguing Entrepreneurs”), and Harry Handelsman.

Once it launches Monument will offer its clients an entirely digital journey for buy-to-let and property investment lending of up to £2m.

Mintoo Bhandari, CEO and one of the founders of Monument, said: “We are very pleased and excited to have successfully completed our Series A funding round, exceeding targets, against such a challenging backdrop.

“We are truly thankful to our investors who have shown faith in the robustness of our business strategy, the strength of our team, and the clarity of our plans. Looking ahead, 2021 will be an even more significant year for Monument as we continue to build our bank, expand our capabilities, launch, and serve the mass affluent, and provide them the level of client service they deserve.

“Furthermore, 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. I believe these businesses are likely to be a key enabler and driving force for society’s digital future and renewed prosperity.”

Monument received its “authorisation with restriction” (AWR) banking licence in October 2020.