But stay where you are for your current account. Sav joined Monument as he was drawn to the unique blend of technology with a human touch and he has always wanted to build a robust lending book from the ground up. Her experience spans international blue-chip companies in retail and consumer finance, and payments, including 16 years at Visa. Ian has worked in finance for over 20 years, most recently leading Business Banking at Barclays, and during his career has developed 2 passions for clients, and the technology that helps them fulfil their ambitions. Performance & security by Cloudflare. Helene is a Non Executive Director with humm, the UK subsidiary of the consumer and commercial finance Australian-listed group. Property of Mosaic Media Ventures Pvt. Do you have any plan to bring that in India? So I believe I can get to breakeven, you know ideally I'd like to do it in the first year, on the outside, it'll be in year two, he says. Prior to founding Monument, Mr. Bhandari was, until early 2018, Senior Partner of Apollo Global Management (NYSE APO) and Senior Partner & Managing Director of Apollos India vehicles: AGM India Advisors Pvt Ltd and AION Capital Partners. Even in the post-financial crisis world, where banking licences have become somewhat easier to obtain, its still a rare pleasure to meet a banks founder before its even launched. I actually experienced the pain myself, Mintoo Bhandari, Monuments chief executive and cofounder, told Yahoo Finance UK. He has held CIO positions across investment banks, private banks, brokers and other financial services firms and has led the delivery of complex technology implementations and transformations. First of all, Bhandari is keen to distinguish precisely who Monument Bank is talking about when it refers to the mass affluent. In his spare time, he likes to spend time with his wife and daughter and ride his Harley Davidson as far as he can go. With over 20 years of experience, Graham has worked as Operations Manager at Thomson Reuters and Alibaba and brings his wealth of experience to Monument. And who said fintech is becoming boring? I would say that PE investment, in general, is somewhat cyclical. The bank takes its name from the Monument to the Great Fire of London in London, which is colloquially known as simply Monument. In his spare time, hes watching football and hasnt missed a Wales game in 8 years. People are saying: oh I dont know if I would do a million pound transaction on my phone. Mr. Bhandari joined Apollo in 2006. He led, developed and oversaw the development of AION, a market-leading credit-focused fund on behalf of Apollo Global Management and its banking partner ICICI. It's the largest unserved market opportunity in the world today in financial services, the calmly-spoken founder explains, pointing to people with a net worth of between 250k and 5m (excluding their main property). How does the deal-making environment look? All we're doing is saying, come to us for service, come to us for better deposit rates, come to us for complex lending.. We have built Monument from the ground up, precisely for this community. He has a big vision and great personal drive to achieve a tremendous amount. He was the CRO at HSBC for the retail bank in Europe and latterly for Latin America and held similar roles at Mark & Spencer Money, MBNA, and Standard Chartered Bank. We can democratise service thats available to the Ultra High Net Worth community and the way we can do that is because of the collapse in technology cost.. Apollo has closed two transactions till date since starting its operations $100 million in DTH service provider Dish TV India and $350 million in two Welspun group companies. Click to reveal In his spare time, hes probably fishing (and says its called fishing, not catching, for good reason). But after a glass of whisky, the fun begins and the guitar is out. She also runs her own business and property development company. in Mechanical Engineering and earned his MBA at Harvard. When it launches, Monument will go head-to-head with the likes of HSBC (HSBA.L) and Barclays (BARC.L), which have traditionally dominated the market. Ltd. Get daily update with our newsletter Subscribe Now ! Were here for our clients and the level of service they deserve. At Monument, he is determined to build a world class, plug-and-play banking platform. The world is going to get more competitive and efficient, and India must do the same if it is to develop its full potential. Do you see more opportunities during this current uncertainty? He worked in several digital agencies and has involved in professional teams before joining Monument. Dubai Investments Acquires Stake in Monument Bank, UK based Digital Bank. What do you think of the Indian PE market, compared to the Chinese markets? But in your hands, it can become so much more. Today, the company is well-positioned as one of the most cost-efficient, largest-scale, highest-quality players in the global oil & gas pipeline market. He is really excited about his role at Monument helping to build and scale a truly modern, digitally enabled bank for our clients. He actually started his career in Tech and now hes adding the Fin. Another entrepreneur in residence. Hes also our resident sommelier. On the business side, we are looking for businesses that have genuine, sustainable advantages and that we are confident are well-positioned for the long run. Sav is a Dad to two football mad boys; most of his spare time is spent taking them to football training, futsal training and football matches. We are grateful to Mintoo and everyone else involved in getting us to the stage of becoming a fully-licensed UK bank amidst a global pandemic and great economic uncertainty. Buy-to-let and bridge-to-let are core products that Monument will launch with, designed to appeal to the banks wealthy target audience. While its 22-month-old investment in Dish TV is currently at 2x, the investment in Welspun Corp has come at nearly 50 per cent premium per share. Today, Dababy's reported net worth is around $7 million. EMEA +44 20 7330 7500. Which is, you know, a very large sum, but this [mass affluent] community is the most creditworthy segment of the market., Bhandari says Monuments data-driven process of analysing and affirming credit quality will mean the bank has single basis point credit risk, which is almost unheard of.. The Economic Times, which reported the development earlier on Wednesday, said Bhandari would continue to engage with clients and attend board meetings in India though he will now be based in the UK. Wasim holds a MEng in Electrical and Electronic Engineering from Imperial College, London. A key thread throughout Helenes career is growth and change supporting companies through both internal and external growth, but also coaching and mentoring entrepreneurs and professionals for personal growth and professional development. Mintoo Bhandaris bank is on a mission to help millionaires. EC2R 8EJ Monument estimates that there are around 3.5 million mass affluent people in Britain with a combined 200bn in cash between them. Here, at Monument, he is doing much of the same, except this time he is also solving a frustration hes personally experienced. To burn off the calories Ioannis run marathons. As a Product Manager at Monument, Ioannis is intent on making financial institutions more than just places to store and access money. Our approach in India is focused on certain sectors. Prerna holds a B-Tech in Computer Science from Visvesvaraya Technological University, India. Multiple digital-first, app-only banks have launched in the UK in recent years but most have targeted ordinary current account holders or businesses. Contact Mintoo, search articles and Tweets, monitor coverage, and track replies from one place. Hes also held roles at Booz & Company and at Sapient as a technologist. Wasim is obsessed with two things: a client-first approach and use of modern technology to deliver our strategy. Prior to joining Apollo in 2006, Bhandari was managing director at The View Group. We think that there will be very attractive opportunities in the arena but they will have to be pursued carefully as the sector still has some challenges ahead. He was also the Chair of the Risk Committee for Chetwood Financial and helped Equifax go through the FCA Authorisation process following changes in the UK consumer credit regulations. We often say that we want to get compensated in valuation for taking on complexity and for investing in sectors in which other private equity firms have less expertise. There will always be rise and fall in transaction volumes in sync with enthusiasm level and capital availability in the markets. If hes not training for his next race he is probably talking about it. But that goes with Apollos DNA, which is a value investor, making contrarian investments in high-grown markets like India, says Mintoo Bhandari, Apollo Managements Senior Partner and MD of its local affiliate AGM India Advisors. Property of Mosaic Media Ventures Pvt. He led, developed and oversaw . Founder of Monument Bank Ltd., Mintoo Bhandari presently is Managing Director at AGM India Advisors Pvt Ltd. Mr. Bhandari is also on the board of SOURCECORP, Inc., Apollo India Private Equity II (Mauritius) Ltd., Welspun Maxsteel Ltd. and Insight Solutions Ltd. We are a UK bank built to meet the needs of a community which deserves attention and recognition. He is also the Vice President of the Dyslexia Association of Singapore, Deputy Chairman of the Board of Trustees and Executive Committee of the Institute of South East Asian Studies (ISEAS). A decade ago it would have cost billions to deliver the technology solutions that we can deliver for single digit millions, Bhandari said. In his spare time Steve doesn't know how to relax, preferring instead a range of strenuous outdoor activities, over-ambitious DIY projects and researching his next gadget purchase. Monument Bank is in the late stages of securing a banking licence and expects to launch later this year. The acquisition of one of the largest credit operations in India, GE Capital India, through the AION fund and then rebranded Clix Capital. Iestyn holds a BA in History from Aberystwyth University, an MBA from University of Warwick Business School and (of course) is a qualified accountant. He has also held senior fiduciary, asset management positions at the world's largest university endowment (Harvard University) and Apollo Global Management ("APO" - NYSE). But, for now, the ambitious founder is outlining a retail digital banking model quite unlike whats come before. Starting at a reported $5 million in 2018, it stood at $6.5 million in 2022. United Kingdom, Alternative Lending During A Downturn Report, Revolut and Atom Bank investor slashes fintech valuations, Female Invest: Meet the women taking on the gender finance gap, Gradual homeownership fintech Wayhome raises 8m Series A, Klarna positions itself as more than BNPL with suite of AI-powered tools, ClearBank appoints ex-PayPal and WorldPay exec as new CPO. Part of his vision is to improve margins further and he believes that one way to accomplish this is through backward integration, which will lead to greater stability of supply, greater control over quality, better margins and ultimately, as we hope, a more dominant position in the global market. He is the Honorary Consul of the Republic of Mali in Singapore. In his spare time, he is a regular volunteer at his local Mencap charity where he drives the mini-bus for day trips and holidays, and for pleasure he is a keen skier and clay pigeon shooter. We make better and faster decisions thanks to Anita. Some of the sectors that we focus upon, partially for the reasons I have just mentioned, are chemicals, oil & gas, metals and mining, financial & business services and media distribution. His past non-executive directorships include the Bank of England and Barclays plc and he is currently the senior national independent director of Times Newspapers Holdings Ltd and a director of quoted insurance Lloyds underwriter Beazley plc. Promoters must also be willing to transact in choppy markets. Apollo is fundamentally a value investor and in a high-growth environment like India, that translates into being a contrarian investor. Prior to focusing his efforts on investing in India, Mr. Bhandari began his investing career at the Harvard Management Company (which manages the endowment of Harvard University) and was later a member of a Harvard affiliated team providing advice on privatization, enterprise restructuring and the sourcing of foreign direct investment in Russia and other emerging markets. 87) and the Harvard Business School (MBA 92). He is also Vice President for Law Society of Singapore, Member of Presidential Council for Religious Harmony and a Notary Public and Justice of the Peace. After starting his career at Price Waterhouse as an auditor, he has worked in retail banking for nearly 25 years. Wasim Khouri, Monuments chief strategy officer, said the startup was not perturbed at the prospect of competing with these giants. Copyright The President and Fellows of Harvard College, Harvard T.H. All rights reserved. Niall is also the Chairman of the College Council at Glenalmond College and a NED at Non-Standard Finance. Hes built, led and transformed businesses at HSBC, The Co-operative Bank (working on their well-publicised transformation) and the fintech, 10x Future Technologies. In addition, AltFi runs major industry events around the world. He is currently working on how to improve human judgement in public and private life. Prior to joining Monument, Laura honed her skills and experience in the app space at Velocity Black, working closely with the founders to grow and enhance the customer experience, while also building out the companys Luxury Goods division. But it isnt always easy, for organisational or other reasons, to pull the trigger when markets are choppy. The colleagues of Mintoo Bhandari. Many of them have three, four, five, or six properties, and they almost become professional landlords on the side, says Bhandari. Instead, the plan is to connect to a customers existing current account, whether with a high street bank or digital challenger, all via the wonders of open banking. End-of-year reflections and outlook for the new year: How 2020 changed fintech, Timing is everything: launching a bank amid COVID-19. If there are additional opportunities and companies that fit these criteria within a promoter group in which Apollo has invested, it obviously is easier to pursue an investment in them as we already have the comfort level and confidence in the promoter and the team. Erdi holds a Bachelors degree in Computer Programming from Bahcesehir University in Istanbul, Turkey. With over 20 years of experience, Sudip has built technology platforms for start-ups as well as very established institutions in the UK. Also, Welspun has great leadership and a deep, capable team committed to continuous improvement and accomplishment. We and many other private equity firms active in India recognise that there may be an opportunity in providing more flexible financing. And some of its potential can be realised through backward integration and consolidation in a market that is still fragmented and has few focused and committed players. She holds a degree in Science in Planning and Urban Design from the University of Naples Federico II. He wont tell most people, but he was once known for his inverted iron-cross and similar feats. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. Sav is a Relationship Manager with over 20 years experience in lending, origination and credit. An entrepreneur and co-founder, Vikash brings a diverse range of knowledge and experience. We see that come to life at work too). Mintoo Bhandari, the India head of NYSE-listed alternative assets manager Apollo Global Management, is moving to a senior advisory role within the firm, a person familiar with the development told VCCircle. Before joining Monument, Conor headed up the specialist lending team in London at Arbuthnot & Co and has also held leadership and relationship roles at Metro, AIB, Santander and RBS. Monuments plan is to do mass affluent banking better, and to reach profitability within 24 months of launch. Welspuns principal business is the manufacture of large-diameter oil & gas pipes, used to build pipelines for transporting oil & gas, generally over long distances. Created Date: 20211108104240Z . In her spare time, she finds a good evening walk boosts her energy and enjoys balcony gardening. Your daily 7am download of all things alternative finance and fintech. (212) 515-3200. 2 million per show. London, He joined Apollo in 2006 in its New York headquarters, worked in the London office and then launched Apollos India advisory firm (AGM India Advisors Pvt Ltd) in Mumbai in 2008 and continued to serve on Apollo related Boards until 2021. We are also exploring and evaluating the credit markets in India. Information about a company that has been registered at this address is available to us Narindar K Bhandari, LLC. The 15 per cent threshold was rather low and I think it had artificially created a differential between investor intent and regulatory burden. We were getting the call centre run around constantly, the [relationship manager] we had originally kept getting changed, the relationship was all one way. Bhandari had initially worked with the Indian government, especially the Ministry of Finance, as part of a Harvard group advising the government during the liberalisation. In his spare time, you would find him in a photography gallery or a museum with his camera on his shoulder or developing his analogue films at home. Mintoo is a graduate of the Massachusetts Institute of Technology (Mech Eng, S.B. 3 Bruno Mars - $2.9 million per show.