Monument secures £40m fundraise
The challenger is reportedly already targeting £100m of new capital for its next raise
Challenger Bank Monument secured a £40m Series B funding round and is reportedly targeting a £100m fundraise for its Series C.
Dubai Investments shared that it acquired an additional 7.68 per cent equity state in the bank, bringing its holding to just under 17 per cent (16.93 per cent), following on from an initial investment in Monument made earlier this year.
Focused on mass-affluent customers, the bank lent almost £100m in its first year of operation and, as reported by Sky News, is looking to launch a £100m fundraise.
“As Monument Bank 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 that Monument targets,” Monument founder Mintoo Bhandari said.
According to the bank’s CEO Ian Rand, the business’ savings balance exceeds £700m, with 383 per cent growth to date.
He said its mass affluent clients have an average balance of more than £60,000, enabling it to scale with a “laser sharp focus” on its community.
“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,” Rand said.
The £40m Series B round, backed by existing and new investors, brings Monument’s total raised to more than £103m.