Monument Technology in talks about £20m funding round

A banking technology business which wants to become one of the industry's leading platforms is plotting a £20m fundraising as it seeks to expand globally.

Sky News understands that Monument Technology, which is almost 50%-owned by Monument Bank, is in talks with investors about a Series A round valuing it at approximately £70m on a pre-money basis.

The fundraising talks come as Monument Technology prepares to announce that AlRayan Bank, the UK's largest Islamic bank, has signed a partnership agreement to use its platform.

Their alliance comes at a time of growing competition among Banking-as-a-Service providers, with the likes of Oaknorth and Starling Bank having created software infrastructure to license to other lenders internationally.

A number of standalone companies, such as 10X, which was founded by the former Barclays chief executive, Antony Jenkins, have also attempted to establish themselves in the space.

Monument Technology also counts Castle Trust Bank and Ecology Building Society among its clients.

The bank bearing Monument's name, which is aimed at well-heeled customers, also uses its platform.

Steve Britain, CEO of Monument Technology, said: "Our business is seeing strong demand and growth from clients in the UK and it's clear that there is also a considerable opportunity globally to redefine banking technology through our unique, comprehensive solution.

"Our Series A will further accelerate that growth and expand our global footprint."

Monument Bank, which was named after the famous commemoration to the Great Fire of London in the City, is expected to pursue a stock market listing in the coming years.

(c) Sky News 2026: Monument Technology in talks about £20m funding round