Monument Bank is continuing to expand its tech product offering after reaching £3 billion in client deposits this morning.

Ian Rand, chief executive officer at the bank, said in a statement that the firm is planning a range of launches in the latter half of the year that will be integrated into the current banking platform’s product offering.

At the end of 2023, Monument achieved £1 billion in interest-bearing assets to raise a further £1 billion by the end of May.

The latest £1 billion was achieved in just over 10 weeks, doubling its client base in under six months according to the challenger bank.

According to Monument, its steady growth is the result of the continued development of its technological products and well-capitalised backers.

Founded in 2017 and headquartered in London, Monument Bank offers digital banking services with a current client base of around 11 million clients including professionals, entrepreneurs and investors.

The bank received its full banking licence in November 2021 and launched its app and first suite of saving products to the market at the start of 2022.

Monument’s suite of products currently includes a savings account, fixed term deposits, and a suite of notice accounts that aims to help people choose the right plan for their short- and medium-term goals.

The app currently features a range of products such as in-app live chats, audio, and video calls, including a ‘co-browsing’ feature that allows clients to share their screen with the UK-based client servicing team.

The Monument app also provides clients with access to Monument Lifestyle, a financial experience launched in 2023 that aims to go beyond standard banking services by offering more than 35 premium features, including access to hard-to-book restaurants and tickets to events.

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