Monument, a UK-based challenger bank, has successfully raised over £40 million in a Series B funding round.
The funding was supported by both existing and new investors. The company targets the financially affluent community in the UK and globally, which is currently underserved in the market. Monument has raised more than £100 million in equity capital since it was established, achieving successive ‘up-rounds’.
The company is expected to double its stake subject to regulatory approval. Mondent released a new Notice savings accounts product, which was built in six weeks following feedback from clients to meet their various financial goals.
The company gears towards the ‘mass-affluent’ segment in the UK and beyond. Khalid Bin Kalban, vice chairman, and CEO of Dubai Investments said the group’s increased stake in Monument bank demonstrates their confidence in the bank’s potential, strategy, and vision. The bank has progressed in monetizing its technology and business service verticals.
The investment solidifies Dubai Investments’ presence in the dynamic digital banking landscape and aligns with the group’s vision to foster international collaborations. Monument’s total assets exceed £700m, and it has achieved 335% growth within the year.
The bank targets profitability in the second half of 2024, with the launch of new features and products to enhance customer experience.