Dubai Investments has acquired a nine percent stake in Monument, a digital banking startup that focuses on the UK’s mass affluent market. The terms of the deal remain undisclosed.
Monument is targeting approximately 4.8 million professionals in Britain with liquid assets ranging from £250,000 to £5 million. The bank provides a variety of core banking services, property investment lending, and savings products, and is currently developing a wider range of offerings, all accessible through its app.
In its first year of operations, the fully licensed bank managed to acquire around £100 million in assets, attract £145 million in deposits, and serve approximately 3,000 customers.
Ian Rand, CEO of Monument, stated, “With this investment and partnership with Dubai Investments, we will accelerate the scale-up of our UK business, launching innovative solutions for our target segment and increasing our market share, while also leveraging our best-in-class technology with partners and clients around the world.”