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Ian Rand, former CEO of Barclays Business Banking, has been appointed chief executive officer of Monument, a digital banking startup for the well-heeled.
Rand takes the reins from Mintoo Bhandari, current CEO and co-founder, who has led Monument from its inception to the achievement of full banking licence and commercial launch late last year.
Prior to his 12 years at Barclays, Rand was with JP Morgan, which he joined in 2000, holding MD & COO roles across the Markets business globally.
Bhandari will take the role of global head of corporate development at Monument, identifying opportunities to expand the neobank’s offerings and establishing institutional capital relationships to support future growth.
Monument had all restrictions on its banking licence lifted in November 2021 and has now launched its initial property investment lending offerings as well as its first suite of saving products to the market.
Says Rand: “Monument with its unique proposition is an enticing opportunity to take the next step in my career. The bank aims to fill a much-needed gap in the market – with its deep understanding of the mass affluent community and ability to serve a group who for too long have been left under-served by the market.”
Monument is trageting the mass affluent market, estimated at approximately 4.8 million professionals with between £250,000 and £5 million in liquid assets.
The digital bank is in the process of closing a further £20 million funding round, bringing total funding to £60 million.
Monument has brought in Mambu, Salesforce, Amazon Web Services, Persistent Systems and Accenture for its technology build. Mambu is providing the central core banking engine, alongside Salesforce for CRM, and AWS for cloud services. Persistent Systems and Accenture Interactive will support the build.
Financial Services
