Monument (or the “Bank”) today announced that it has successfully completed its Series B funding round, having raised over $50 million (£40+m) , backed by a combination of existing and new investors. Since its inception, Monument has raised in excess of £100 million in equity capital, consistently achieving successive ‘up-rounds’. Positioned well with its ground-breaking technology, exceptional team, and well-capitalised backers, Monument is set to continue on its journey of innovation and growth.

The completion of the Series B round follows on from Monument’s strategic partnership with Dubai Investments announced earlier in the year, as part of which the company acquired approximately 9% equity of the Bank.  As part of the increasingly active partnership with Dubai Investments, the UAE-headquartered investment company has meaningfully increased its investment in the Bank, seeking to double its stake in the Bank, subject to regulatory approval.Anchor

Monument remains thankful to all its shareholders for their continued conviction in Monument’s unique positioning and capabilities to address the underserved mass-affluent community with trillions in wealth in the UK and tens of trillions globally. This commitment involves providing exceptional client service, which is enabled by its superior technology, and its rapidly evolving suite of financial products and lifestyle offerings, redefining the future of banking.

Ian Rand, Monument’s Chief Executive Officer, said: “We are pleased to have successfully completed the Series B funding round. The milestone is another testament to our investors’ continued belief in the Bank’s strategy, as we continue to move forward in our journey and accelerate our path to profitability, targeting monthly profitability in the second half of 2024.”

“Monument remains committed to serving the overlooked ‘mass affluent’ segment in the UK, and eventually beyond the UK, having launched new features and products to further enhance the client experience. Most recently we launched Notice savings accounts, built in 6 weeks following feedback from mass affluent clients who are seeking a wide range of options to meet their various financial goals. Looking ahead, the Bank continues to plan new product launches to expand its ability to help clients meet their needs.”

“The business’ growth continues to accelerate, with assets exceeding £700m, 335% growth year to date.  Our proposition and quality of service has successfully attracted mass affluent clients, with our average balance now over £60,000, enabling us to scale with a laser-sharp focus on our community.”

Since the start of 2022, Monument has been growing a thriving network of members, offering an unparalleled level of service, as clients can reach the UK-based team through the app with email, video, chat, or call, with over 90% of calls answered within 20 seconds.  The App also provides clients access to a financial experience that goes beyond banking with Monument Lifestyle. Launched earlier this year, it offers in excess of 35 services designed to save busy professionals, entrepreneurs and their families’ time and money searching for ways to reach their wealth creation potential and enjoy life doing things they love with the people they cherish.

Fiona Pollard, Chair of Monument said: “The successful closure of this funding round not only reaffirms our vision but also highlights Monument's substantial and resilient growth amid persistent environmental challenges. As Monument thrives in this dynamic landscape, it's fitting to acknowledge the firm's nimbleness in pursuing rapidly evolving opportunities within the large, overlooked market segment it targets.”

Mintoo Bhandari, Founder of Monument, said: “Our strengthened partnership with Dubai Investments is a meaningful step in advancing our strategic plans, allowing us to leverage technological capabilities, expand operations, and increase influence in international markets. The successful conclusion of this funding round is a testament to the robust relationship we've built, and I am confident it will continue to grow, enabling us to capitalize on both current and future opportunities in the months and years ahead.”

Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments. said: “Dubai Investments’ increased stake in Monument Bank, not only reiterates the Group’s confidence in the bank’s potential but also its strategy and vision. Monument Bank's resilience and successful capital raise rounds exemplify their promising growth trajectory, and the bank's progress in monetizing its technology and business service verticals demonstrates its commitment to innovation and customer-centric solutions. 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.”