Monument Technology raises £18m and opens priced Series A
This article covers Monument Technology, a fintech startup, which has raised more than £18m in a growth funding round to accelerate its banking-platform-as-a-service offering and expand in the UK and overseas. The funding is intended to support the startup’s BPaaS deployments for banks and other regulated financial firms, targeting reduced integration complexity and faster time to market.
Monument Technology, a fintech startup, has raised more than £18m in a growth funding round to accelerate its banking-platform-as-a-service (BPaaS) and expand in the UK and overseas. The company says the raise exceeded an initial £10m target and that it has already opened a Series A round, with commitments secured at a higher share price and valuation.
Why it matters
Banks and other regulated financial firms are under pressure to modernise legacy systems while reducing risk and time to market. Monument’s BPaaS package aims to bundle core banking, payments and customer channels into a single managed solution that can be deployed under regulatory constraints. The company’s early deployments with Ecology Building Society and the start of implementation work at Castle Trust Bank suggest its product is being tested in real-world, regulated settings — a key proof point for prospective customers and investors.
Inside the product
Monument combines proprietary systems with third-party platforms including Mambu, Salesforce and Nice Actimize to deliver an end-to-end banking stack. Features added in recent months include a web portal complementing its mobile app, new capabilities for ISA and mortgage products, and an integration with a loan origination system. The vendor positions the BPaaS as a managed solution intended to simplify implementation for financial institutions by reducing the number of vendors and bespoke integrations required.
Who are the investors?
Monument says the round was oversubscribed and topped an initial £10m target, but the company did not disclose named backers in the announcement. It also reports that early commitments for a subsequent Series A have been received at a higher share price and valuation.
The company attributes investor interest to its demonstrated ability to operate in regulated environments and to the platform’s integration strategy with established partners such as Mambu and Salesforce. That combination, alongside early client work with Ecology Building Society and Castle Trust Bank, appears to be the primary rationale investors cited internally for backing the business.
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Founder perspective
In the announcement, Steve Britain, chief executive of Monument Technology, said:
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.
In the announcement, Mintoo Bhandari, founder and vice chair at Monument Technology, said:
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.
The bigger picture
The raise sits alongside a wider trend of banks seeking managed platform alternatives to in-house transformations and point-solution stacks. For UK fintechs, demonstrating regulated deployments — particularly with mutual lenders or smaller banks — remains an important route to credibility. Monument’s move to convert seed momentum into a growth-stage cheque and to begin a priced Series A will be watched by fintech investors assessing how BPaaS plays out against established core vendors and challenger propositions.
This round underlines continued investor appetite for UK fintech infrastructure plays that can reduce integration complexity for regulated firms and scale beyond domestic markets.
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