London-based neo-bank Monument has successfully raised over $50 million in a Series B funding round, attracting both existing and new investors.
The bank, which caters to the mass affluent market, plans to use this significant capital infusion to broaden its operational scope and extend its market reach.
Founded by Mintoo Bhandari and under the leadership of CEO Ian Rand, Monument positions itself as the go-to digital banking platform for approximately 4.8 million high-earning professionals, entrepreneurs, and property investors in the UK.
These clients, who collectively hold an estimated wealth of around £6 trillion in the UK and a staggering £80 trillion globally, seek banking services that not only safeguard but also enhance their wealth.
Having received its full banking license in November 2021, Monument began its journey by initiating property investment lending. The subsequent launch of its banking app in December 2021 marked its official entry into the market, offering a suite of financial products accessible via email, video, chat, or voice call.
The app goes a step further by introducing Monument Lifestyle, a service launched earlier this year that provides over 35 offerings tailored to the needs of its clientele, aiming to streamline their wealth creation process.
The Series B funding round’s success builds upon Monument’s earlier strategic partnership with Dubai Investments, during which the latter acquired a 9% stake in the bank. Following this, Dubai Investments, based in the UAE, has shown intent to double its investment in Monument, pending regulatory approvals.
This move signifies a strengthening bond between the neo-bank and the investment giant, potentially setting the stage for Monument’s accelerated growth and innovation in the financial sector.