He will take over as CEO at Monument from Mintoo Bhandari, a former managing director at US investment giant Apollo who founded the lender in 2018.
Bhandari said: “Ian has a wealth of technical and organisational experience as a banking leader; but, most importantly he shares our vision and enthusiasm to make Monument a valuable, impactful, and durable institution in the rapidly evolving financial services marketplace.”
Monument is targeting what it calls the “mass affluent”: property investors, mid-ranking execs and entrepreneurs who have more money than a retail bank can cater for but not enough to attract the interest of wealth managers. Its target market have between £250,000 and £5 million. The bank reckons there are 4.8 million people in this bracket in the UK.
Rand said: “The bank aims to fill a much-needed gap in the market.
“I am delighted to be leading an incredible team, which has the potential to reimagine the market as it currently stands and fulfil the ultimate goal of helping people save and grow their wealth.”
Monument has raised around £60 million to date. Backers including former Panmure Gordon chief executive Ian Axe and London property developer Chris Murray.
The bank is chaired by Niall Booker, a former long-time HSBC banker who rescued Co-op Bank from the brink of collapse in 2013.
Monument gained its license in November and officially launched its app last month.