REPORT BASED ON PRESS RELEASE : BY DIC ON NOV 08, 2023
Dubai Investments Boosts Stake in Monument Bank: A Strategic Move in the Digital Banking Landscape
Dubai, UAE, November 8th, 2023 – Dubai Investments, a prominent investment company listed on the Dubai Financial Market (DFM), has announced the acquisition of an additional 7.68% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). This move increases Dubai Investments’ holding in the bank from 9.25% to 16.93%. The investment is subject to regulatory approvals, following Dubai Investments’ initial investment in Monument Bank earlier this year.
Monument Bank is at the forefront of revolutionizing the banking experience with innovative solutions. As the only UK bank focused exclusively on the affluent segment, Monument Bank offers deposit products and has lent nearly £100 million during its first year of operation.
Khalid Bin Kalban, Vice Chairman and CEO of Dubai Investments, commented on the increased stake, stating, “Dubai Investments’ enhanced investment in Monument Bank underscores our confidence in the bank’s potential and aligns with our strategy and vision. Monument Bank’s resilience and successful capital raise rounds exemplify its promising growth trajectory, commitment to innovation, and customer-centric solutions.”
Ian Rand, CEO of Monument Bank, expressed gratitude for the continued support and belief in the bank’s strategy, following the successful completion of the Series B funding round. “Monument remains committed to serving the overlooked ‘mass affluent’ segment in the UK and beyond, with new features and products enhancing the client experience,” Rand added.
Monument Bank recently concluded its successful Series B round of investments, raising over £40 million. With a total of over £103 million raised since inception, Monument Bank is positioned for continued growth and expansion.
Mintoo Bhandari, Founder of Monument Bank, emphasized the strengthened partnership with Dubai Investments, highlighting its significance in advancing strategic plans and leveraging technological capabilities to capitalize on current and future opportunities.
Since its inception, Monument Bank has cultivated a thriving community of members, offering unmatched service through its app and Monument Lifestyle platform, designed to optimize wealth creation potential for busy professionals and entrepreneurs.
Alpen Capital (ME) Limited served as the financial advisor to the transaction, further solidifying the strategic move by Dubai Investments in the dynamic digital banking landscape.
