A firm which aims to service wealthy clients in the UK using digital technology has said it is in the latter stages of securing its banking license.

Monument, led by ex-Apollo senior partner Mintoo Bhandari, describes itself as a “digital-first bank” that will target clients with assets between £250,000 and £5 million – a 3.5 million-person cohort which the start-up describes as “under served”.

“The client demographic spanning traditional ‘premier’ and private banking customers – busy professionals, doctors, lawyers, accountants, entrepreneurs and investors – has been largely unaddressed by the cha...