UK challenger Monument Bank completes £40m Series B raise, eyes more funding
UK digital bank Monument has secured £40 million in Series B funding from new and existing investors.
Dubai Investments buys additional stake in Monument
The round also saw existing investor Dubai Investments acquire an additional 7.68% equity stake in the challenger, increasing the group`s holding in the bank from an initial 9.25% to 16.93%, subject to regulatory approvals.
While the latest funding has taken Monument’s total capital raised to over £103 million, Sky News reports the bank is already looking to kick off discussions for its Series C funding round, this time aiming to secure at least £100 million.
London-based Monument claims to be the first digital bank to cater to the “very large but overlooked” mass-affluent segment in the UK, offering banking and related financial services including lending and savings products via its app. It claims to have lent nearly £100 million within its first year of operation.
Ian Rand, CEO of Monument Bank, claims its customer account balances average more than £60,000, with savings balances exceeding £700 million in total.
Rand says that the funding will be used by the bank to chart a route towards profitability, with plans to eventually expand “beyond the UK” with the launch of new products and features that “enhance the client experience”.
