Monument, a London, UK-based neo-bank for mass affluent clients, raised over $50M in Series B funding.
The round was backed by a combination of existing and new investors.
The company intends to use the funds to expand operations and its business reach.
Founded by Mintoo Bhandari and led by CEO Ian Rand, Monument is a neo-bank to be launched in the UK to meet demands of mass affluent clients – approximately 4.8 million professionals, entrepreneurs, property investors and others – who are seeking a bank to help them save and grow their wealth (which is estimated at c.£6 trillion in the UK and £80 trillion globally).
Monument received its full banking licence in November 2021 and commenced its property investment lending activity. In December 2021, the company announced the launch of its app and first suite of products to the market with clients who can reach the UK-based team through the app with email, video, chat, or call. The spp 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.
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 partnership with Dubai Investments, the UAE-headquartered investment company has increased its investment in the Bank, seeking to double its stake in the Bank, subject to regulatory approval.
FinSMEs
09/11/2023