Monument Technology has raised more than £18 million in a seed funding round as the banking technology provider looks to expand its Banking-Platform-as-a-Service offering in the UK and overseas.
The cloud-based Banking-Platform-as-a-Service (BPaaS) provider said the fundraising exceeded its original £10 million target following strong investor demand.
The company has also launched its Series A fundraising round, with commitments already secured at a higher share price and valuation.
Monument Technology said the latest funding will be used to support the continued growth of the business, further develop its platform and simplify implementation for financial services firms.
The firm’s BPaaS proposition provides an end-to-end banking platform that combines Monument Technology’s proprietary systems with third-party technology providers including Mambu, Salesforce and Nice Actimise. The platform integrates core banking, payments and customer channels within a single managed solution.
According to the company, the platform has already demonstrated its ability to operate within a regulated banking environment, helping financial institutions improve operational efficiency and accelerate product development.
The fundraising follows a period of expansion for the business. During the capital raise, Monument Technology completed the implementation and migration of its first client, Ecology Building Society. The company has also begun implementation work with Castle Trust Bank, which it described as its first UK-regulated bank client.
Monument Technology has continued to add functionality to the platform, including a web portal alongside its mobile app, new capabilities for ISA and mortgage products, and integration with a loan origination system.
Steve Britain (pictured), 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.”
Mintoo Bhandari, founder of Monument and vice chair, 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.”
