Monument Bank Secures £40 Million in Series B Funding

November 9, 2023

Monument Bank Secures £40 Million in Series B Funding

Monument Bank, a UK-based digital bank, has recently clinched a significant milestone with a £40 million infusion in Series B funding, courtesy of both new and existing investors. This boost underscores the growing confidence in Monument's unique approach to banking, particularly its focus on the mass-affluent segment, a market often overlooked by traditional financial institutions.

Since its inception in 2021, Monument Bank has rapidly gained traction, amassing over 10,000 accounts primarily catering to wealthy savers, boasting average balances exceeding £60,000. Named in homage to the historic Great Fire of London, the bank has positioned itself as a beacon of financial innovation, drawing interest from investors like Dubai Investments, which currently holds a 9% stake.

Ian Rand, Monument's CEO, expressed gratitude for the continued support of investors, emphasising their shared vision of delivering tailored banking solutions to the mass-affluent demographic. Rand also outlined the bank's trajectory towards profitability, with a target set for the latter half of 2024, underpinned by ongoing enhancements to customer experience through the introduction of new features and products.

The Series B funding marks a significant milestone for Monument, propelling its total capital raised to over £103 million. With plans already in motion for a Series C round aiming to secure a minimum of £100 million, Monument appears poised for sustained growth and expansion, both within the UK and potentially beyond its borders.

Monument's strategic partnership with Dubai Investments has played a pivotal role in its journey, with the UAE-based investment company significantly increasing its stake in the bank. This collaboration underscores Monument's commitment to leveraging its technological prowess and capitalising on international opportunities to further its growth agenda.

Fiona Pollard, Chair of Monument, lauded the successful funding round as a testament to the bank's resilience and agility in navigating a challenging economic landscape. She highlighted Monument's ability to seize evolving market opportunities while remaining steadfast in its mission to serve the mass-affluent community.

Founder Mintoo Bhandari echoed these sentiments, emphasizing the strengthened partnership with Dubai Investments as a strategic catalyst for Monument's expansion plans. Bhandari expressed confidence in the bank's ability to capitalise on emerging opportunities, driven by its commitment to innovation and customer-centric solutions.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, underscored the group's confidence in Monument's potential and vision. He cited Monument's resilience and successful capital raise as indicators of its promising growth trajectory, aligning with Dubai Investments' strategic objectives in the dynamic digital banking landscape.

As Monument continues to bolster its position in the market, it remains dedicated to delivering unparalleled service to its growing network of clients. With a suite of innovative financial products and lifestyle offerings, Monument is poised to redefine the future of banking, one tailored experience at a time.

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