Monument Technology, a cloud-based Banking-Platform-as-a-Service (BPaaS) provider, has raised more than £18 million in a seed round. The funding will be used to support the continued scaling of the business in both the UK and internationally, further develop the platform, and make implementation simpler and faster for financial services clients.
The round exceeded its original £10 million target due to strong investor interest. Monument Technology has also confirmed it has commenced its Series A fundraising round, with commitments already secured at an increased share price and valuation.
The BPaaS platform provides an end-to-end "Bank in a Box" solution that integrates Monument Technology's proprietary technology with third-party components including Mambu, Salesforce and Nice Actimise. Core banking, payments and customer channels are combined into a single managed solution. The platform has proven its ability to scale and operate within a regulated banking environment, supporting operational efficiency and faster product development.
During the funding round, Monument Technology completed the implementation and migration of its first client, Ecology Building Society, and has since begun implementation work for Castle Trust Bank, its second major client and first UK-regulated bank client. Enhancements delivered to the platform include the launch of a web portal alongside its mobile app, additional capabilities for ISAs and mortgages, and integration with a leading loan origination solution.
The business plans to add a wide array of payment and account functionalities to the platform. Further client successes are expected, and the funds will also support team growth and continued platform development to meet demand from financial institutions in the UK and globally.
We see a considerable opportunity to redefine banking technology through our unique and comprehensive BPaaS solution. Our successful fundraising enables us to continue innovating and expanding our offering to meet the evolving needs of financial institutions worldwide.
We are delighted to have surpassed our initial fundraising target and are incredibly grateful for the confidence our investors have placed in Monument Technology. This funding will allow us to scale the business, build our team, and further enhance the platform's capabilities to meet the growing demand for our solutions both in the UK and globally.
