Monument has raised more than £40 million in a Series B funding round, backed by a combination of existing and new investors.
The challenger bank says the ‘mass-affluent’ community it targets with its products – which has trillions in wealth in the UK and tens of trillions globally – is currently underserved in the market.
Monument featured on our 2023 FinTech 50 ranking of the most innovative UK FinTechs, revealed this week.
The round follows a strategic partnership with Dubai Investments announced earlier in the year, as part of which the company acquired approximately 9% equity in Monument.
As part of an increasingly active partnership, the UAE-headquartered investment company has meaningfully increased its investment in the bank, seeking to double its stake subject to regulatory approval.
Since its inception, Monument has raised in excess of £100 million in equity capital, consistently achieving successive ‘up-rounds’.
“We are pleased to have successfully completed the Series B funding round,” said Ian Rand. “The milestone is another testament to our investors’ continued belief in the bank’s strategy, as we continue to move forward in our journey and accelerate our path to profitability, targeting monthly profitability in the second half of 2024.
“Monument remains committed to serving the overlooked ‘mass affluent’ segment in the UK, and eventually beyond the UK, having launched new features and products to further enhance the client experience.”
FinTech 50 – UK’s most innovative financial tech creators for 2023
Most recently Monument launched Notice savings accounts, which it says were built in six weeks following feedback from clients seeking a wide range of options to meet their various financial goals.
Assets now exceed £700m, with 335% growth so far this year.
“Our average balance is now over £60,000, enabling us to scale with a laser sharp focus on our community,” added Rand.
Khalid Bin Kalban, vice chairman and CEO, Dubai Investments. said: “Dubai Investments’ increased stake in Monument Bank not only reiterates the group’s confidence in the bank’s potential but also its strategy and vision.
“Monument Bank’s resilience and successful capital raise rounds exemplify their promising growth trajectory, and the bank’s progress in monetising its technology and business service verticals demonstrates its commitment to innovation and customer-centric solutions.
“This investment also solidifies Dubai Investment’s presence in the dynamic digital banking landscape and aligns with the group’s vision to foster international collaborations.”