Monument Technology, the technology subsidiary of UK challenger bank Monument Bank, has raised more than £18 million in seed funding as it looks to accelerate growth of its Banking-Platform-as-a-Service (BPaaS) business and expand into new markets.
The raise exceeded the company’s original £10 million target and comes as demand for modern banking infrastructure continues to grow among financial institutions seeking faster and more flexible technology solutions.
Founded as a standalone business in 2023, Monument Technology was created to commercialize the banking infrastructure developed by Monument Bank, enabling other institutions to launch and operate digital financial products through a white-label platform.
Scaling Banking-as-a-Service capabilities
Monument Technology provides a cloud-based platform that allows financial institutions to offer savings, deposits, lending, and mortgage products without building their own banking infrastructure from scratch.
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The platform integrates with providers such as Mambu and Salesforce, combining core banking capabilities, payments infrastructure, and customer-facing channels into a single solution.
The company says the new funding will be used to accelerate product development, shorten implementation timelines, and support expansion across both domestic and international markets.
Future product plans also include the launch of current account and payments capabilities, further broadening the platform’s Banking-as-a-Service offering.
Growing customer base
The funding follows several commercial milestones for the business.
During the fundraising process, Monument Technology completed the migration of its first client, Ecology Building Society, onto the platform.
The company has also signed Castle Trust Bank, with implementation expected to be completed by early 2027.
These wins provide early validation of Monument Technology’s strategy to position itself as a banking infrastructure provider for financial institutions looking to modernize legacy systems and accelerate digital transformation initiatives.
Series A process already underway
Building on the momentum of the seed round, Monument Technology has confirmed that it has already launched its Series A fundraising process.
According to the company, investor commitments have already been secured at a higher valuation and share price, signaling continued confidence in its growth strategy and long-term market opportunity.
As banks and financial institutions increasingly seek modern, API-driven infrastructure, Monument Technology is positioning itself to become a key provider of white-label banking technology across the UK and beyond.
About Monument Technology
Monument Technology is a UK-based banking infrastructure provider offering a Banking-Platform-as-a-Service solution for financial institutions. The company enables banks and financial firms to launch deposits, savings, lending, mortgage, and payments products through a cloud-based, white-label platform.
