Dubai Investments acquires additional stake in UK’s Monument Bank

Investments in Dubaithe leading investment company listed on the Dubai Financial Market (DFM), has acquired an additional 7.68 percent shareholding in Monument Bank Limiteda UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK), further increasing the Group’s stake in the bank from 9.25 to 16.93 per hundred.

This investment is subject to necessary regulatory approvals. Investments in Dubai had made an initial investment in Monument Bank at the beginning of this year.

Monument Bank is at the forefront of transforming the banking experience with innovative solutions and is uniquely positioned as the only UK bank focused exclusively on the wealthiest segment, supporting customers with deposit products and lending almost £100 million during the first year of operation.

Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, saying,

“Dubai Investments’ increased stake in Monument Bank not only reiterates the Group’s confidence in the bank’s potential, but also in its strategy and vision. Monument Bank’s resilience and successful capital raising rounds exemplify its promising growth trajectory, and the bank’s progress in monetizing its technology and business services 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 of fostering international collaboration.”

For its part, Ian Rand, CEO of Monument Bankcommented,

“Dubai Investments’ increased stake in Monument Bank not only solidifies our financial foundation but also signifies a strong vote of confidence in our unique banking approach. We are pleased to have successfully completed the Series B financing round. The milestone is another testament to our investors’ continued confidence in the Bank’s strategy, as we continue to advance our journey and accelerate our path to profitability. Monument remains committed to serving the overlooked “affluent masses” segment in the UK and eventually beyond the UK, and has launched new features and products to further enhance the customer experience. “Business growth continues to accelerate, with savings balances exceeding £700 million, growth of 383 per cent so far this year. “Our proposition and quality of service have successfully attracted a large number of affluent customers, with our average balance now over £60,000, allowing us to scale with a sharp focus on our community.”

As part of its continued growth strategy, Monument Bank It recently concluded its successful Series B investment round raising over £40 million, backed by a mix of new and existing investors, and since inception has raised an impressive total of over £103 million, further cementing a strong position for a continuous growth.

Mintoo Bhandari, founder of Monument Bank, aggregate,

“As Monument Bank thrives in this dynamic landscape, it is appropriate to recognize the company’s agility in pursuing rapidly evolving opportunities within the large overlooked market segment that Monument addresses. Our strengthened partnership with Dubai Investments is a significant step in advancing our strategic plans, allowing us to leverage technological capabilities, expand operations and increase influence in international markets. “The successful completion of this funding round is a testament to the strong relationship we have built and I am confident that it will continue to grow, allowing us to capitalize on current and future opportunities in the months and years to come.”

News source: Emirates News Agency