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Monument, a new private bank which aims to service millionaire clients in the UK using digital technology has secured its preliminary banking licence.

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

Monument has received an ‘authorisation with restriction’ (AWR) banking licence from the UK regulatory authorities: The Prudential Regulation Authority and the Financial Conduct ...