Monument Bank’s Series C fundraising is being launched immediately after the completion of a £40m injection from shareholders including Dubai Investments.
Indeed, Monument, a challenger bank, has successfully raised the £40 million in a Series B funding round new and existing investors including from Dubai Investments; according to their founding chairman who was the former Co-operative Bank chief executive Niall Booker. It is also reported that the funding had been raised at a valuation of more than £150m on a pre-money basis.
Monument, founded in 2017 and granted a banking license in 2021, focuses on serving the “mass affluent” segment in the UK, distinguishing itself in the competitive neobank market.
The Series B funding new and existing investors including Dubai Investments follows their initial backing in January, where they acquired a 9% stake in Monument. With this latest investment, Dubai Investments now owns just under 17% of Monument.
The CEO of Monument, Ian Rand, sees this funding as a milestone that will enable the bank to better serve the overlooked mass affluent segment in the UK. Monument currently has 4.8 million investors and entrepreneurs in its client base.
Ian Rand also mentioned Monument’s plans to eventually extend its services beyond the UK. The bank holds assets exceeding £700 million, and the CEO expressed the intention to continue growing and innovating.
Dubai Investments CEO Khalid Bin Kalban praised Monument’s growth trajectory and its commitment to innovation and customer-centric solutions. He sees this investment as solidifying Dubai Investments’ presence in the dynamic digital banking landscape and aligning with the group’s vision to foster international collaborations.
According to Sky News, Monument is now already planning to raise a further £100 million for its Series C round, indicating the bank’s ambitious plans for further expansion and development.
(Source: Sky News / UKTN)