Challenger bank Monument has raised £40m in a Series B funding round from Dubai Investments, bringing the total amount raised by the firm over £100m.
Founded in 2017 and granted a banking licence in 2021, Monument has sought to differentiate itself from the now competitive neobank market by catering primarily to “mass affluent” clients.
The bank counts 4.8 million investors and entrepreneurs among its client base.
The Series B round from Dubai Investments, a United Arab Emirates-based group, comes months after it first backed Monument in January when it bought a 9% stake in the London-based fintech.
The latest investment brings the stake owned by Dubai Investments up by 7.68% to just under 17%.
Monument CEO Ian Rand said the round was a “milestone” that would allow the bank to serve what he described as the “overlooked ‘mass affluent’ segment in the UK”.
Rand, a former executive at Barclays who became CEO last year taking over from co-founder Mintoo Bhandari, said that the bank aims to eventually extend its services “beyond the UK”. The CEO said Monument holds assets “exceeding £700m”.
“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,” said Dubai Investments CEO Khalid Bin Kalban.
“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.”
According to Sky News, which first reported the raise, Monument is already planning to raise £100m for its Series C round.