Monument Technology closes $23.7m seed funding round

Monument Technology has closed its seed fundraising round at more than $23.7 million, exceeding its original target of approximately $13.2 million following strong investor interest.

The cloud-based Banking-Platform-as-a-Service provider has also confirmed that it has commenced its Series A fundraising round, with commitments already secured at a higher share price and valuation.

The company said the funding will be used to support continued expansion in the UK and international markets, accelerate platform development and simplify implementation for financial services clients. Monument Technology’s BPaaS platform combines the company’s proprietary technology with third-party components from providers including Mambu, Salesforce and NICE Actimize.

Designed as an end-to-end “Bank in a Box” offering, the platform has integrated core banking, payments and customer channels into a single managed solution. Monument Technology said the platform has already demonstrated its ability to scale within a regulated banking environment while supporting operational efficiency and faster product development.

Steve Britain, CEO of Monument Technology, said the funding would enable the company to continue innovating and expanding its BPaaS offering for financial institutions globally. Mintoo Bhandari, Founder of Monument and Vice Chair, added that surpassing the initial fundraising target would support business growth, team expansion and ongoing platform development as demand for the company’s solutions continues to increase.

The fundraising has followed a period of growth for the business. During the funding round, Monument Technology completed the implementation and migration of its first client, Ecology Building Society. The company has since begun implementation work for Castle Trust Bank, its second major client and first UK-regulated bank customer.

Monument Technology has also continued to enhance its platform, launching a web portal alongside its mobile application and introducing additional capabilities for ISAs and mortgages. The company has further expanded functionality through integration with a loan origination solution.