Monument, a new private bank which aims to service millionaire clients in the UK using digital technology, has secured full regulatory approval, it announced over the weekend.

Monument Bank announced that the Prudential Regulation Authority and Financial Conduct Authority (FCA), have lifted deposit restrictions on its licence, so it can now operate as a fully-licensed deposit taking bank, built during the Covid-19 pandemic.

The Bank has raised £60 million in capital to date having completed one of the largest Series A funding rounds in fintech-banking earlier this year. Monument Bank raised £21 million its latest roun...