Since its birth, Monument has raised in excess of £100m ($123m) in equity capital and funding, consistently achieving up-rounds.
The completion of its Series B round follows from the bank’s strategic partnership with Dubai Investments earlier in 2023. As a result, the company gained 9% of Monument and has increased its investment in the bank, subject to regulatory approval.
Earlier in the year, Monument launched Monument Lifestyle which offers numerous services designed to save busy professionals, entrepreneurs and their families’ time in reaching their wealth creation potential.
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.”
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Fiona Pollard, chair of Monument, added: “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, continued: “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 capitalise on both current and future opportunities in the months and years ahead.”