Monument Bank Initiates £100M Series C Funding to Expand UK Presence

Monument Bank, a challenger bank, is set to raise £100 million in its Series C round after a successful £40 million infusion from shareholders, including Dubai Investments. The bank, led by former Co-operative Bank CEO Niall Booker, aims to capture 3-5% of the £6 trillion UK savings market. With over 10,000 accounts for wealthy savers, Monument aspires to become the top provider for professionals, business owners, and real estate investors.

Following a Series B equity raise of $50 million (£40 million) at a pre-money valuation of over £150 million, Monument is gearing up for its Series C round. The bank, founded in 2021, plans to secure at least £100 million in fresh funding for rapid expansion. Monument's CEO, Ian Rand, sees the Series B investment as a testament to investors' belief in the bank's strategy, targeting monthly profitability by the second half of 2024.

Monument Bank's rise follows a tumultuous year in the banking sector, marked by UBS's emergency takeover of Credit Suisse and recent rescue efforts for Metro Bank. With a focus on the 'mass affluent' segment, Monument remains committed to enhancing client experience and extending its services beyond the UK.

Despite market dislocations, Monument Bank is determined to solidify its position and aims to become a prominent player in the UK banking industry, backed by strategic fundraising and a commitment to its target market.