Monument Technology, a UK-based cloud Banking-Platform-as-a-Service (BPaaS) provider, has raised £18m in seed funding.
Founded in 2023, Monument provides banking and financial services customers with an end-to-end service that integrates Monument’s proprietary technology with existing components, such as Mambu, Salesforce and Nice Actimize, and combines core banking, payments and customer channels into a single managed solution.
The group said the new funding round exceeded its initial target of £10m and that it has already commenced its Series A claiming to have secured commitments at an increased valuation.
“We see a considerable opportunity to redefine banking technology through our unique and comprehensive BPaaS solution,” said Steve Britain, chief executive of Monument Technology.
“Our successful fundraising enables us to continue innovating and expanding our offering to meet the evolving needs of financial institutions worldwide.”
Mintoo Bhandari, founder and vice chair of Monument, added: “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.”
