Securing Funding and Expansion Plans
Challenger bank Monument has successfully closed a £40m Series B funding round and is now setting its sights on a £100m fundraise for its Series C. The bank has also announced that Dubai Investments has acquired an additional 7.68% equity stake, bringing its total holding to just under 17%. This follows Dubai Investments’ initial investment in Monument earlier this year.
Focused on Mass-Affluent Customers
Monument, which primarily serves mass-affluent customers, lent nearly £100m in its first year of operation. The bank’s CEO, Ian Rand, revealed that its savings balance now exceeds £700m, with an impressive growth rate of 383% to date. The bank’s mass affluent clients, with an average balance of over £60,000, enable Monument to scale with a laser-sharp focus on its community.
Commitment to the ‘Mass Affluent’ Segment
Founder of Monument, Mintoo Bhandari, expressed his pride in the bank’s nimbleness and its ability to pursue opportunities within the large and overlooked market segment it targets. Monument remains dedicated to serving the mass affluent segment in the UK and beyond. CEO Ian Rand stated that the bank has launched new features and products to enhance the client experience, reinforcing its commitment to its customers.
This latest £40m funding round, supported by both existing and new investors, brings the total raised by Monument to over £103m.
