Monument Technology, the technology subsidiary of Monument Bank, has secured more than £18 million in seed funding, significantly exceeding its original £10 million target. The raise marks another milestone for the company as it expands its Banking-Platform-as-a-Service (BPaaS) offering and prepares for its next phase of growth.

The company was spun out from Monument Bank in 2023 with a clear objective: make the bank’s technology infrastructure available to other financial institutions. Rather than building and operating their own banking technology stacks, firms can use Monument Technology’s white-label platform to launch and manage banking products more efficiently.

Turning Banking Infrastructure into a Product

Monument Technology’s platform enables financial institutions to offer products such as deposits, savings accounts, lending, and mortgages through a single integrated solution. The platform also connects with third-party providers including Mambu and Salesforce, bringing together core banking capabilities, payments, and customer-facing channels.

This approach reflects a broader trend across financial services. As customer expectations rise and digital transformation remains a priority, many institutions are looking for ways to modernise without undertaking large-scale technology rebuilds. Infrastructure providers are increasingly stepping in to fill that gap.

For Monument Technology, the opportunity lies not only in providing technology but also in helping financial institutions reduce implementation complexity and accelerate time to market.

Growth Plans Already Underway

The newly raised capital will be used to support domestic and international expansion, further platform development, and faster implementation timelines for clients. The company has also indicated that new payments and current account capabilities are in development.

Alongside the funding announcement, Monument Technology highlighted recent commercial progress. During the fundraising process, it completed the migration of its first client, Ecology Building Society. Castle Trust Bank has also signed with the provider, with implementation expected to be completed by early 2027.

Perhaps most notably, the company has already started its Series A fundraising process and says commitments have been secured at a higher share price and valuation.

For a business that only became an independent technology company three years ago, the latest funding round suggests investors see continued potential in banking infrastructure as a service.

Key Takeaways

• Monument Technology raised more than £18 million in seed funding, surpassing its £10 million target.
  
  
• The company was spun out of Monument Bank in 2023 to commercialise its banking technology platform.
  
  
• Its BPaaS platform supports deposits, savings, lending, and mortgage products.
  
  
• The new funding will support expansion, platform development, and faster client implementations.
  
  
• Monument Technology has already begun its Series A fundraising process.

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