Dubai Investments PJSC, listed on the Dubai Financial Market [DFM], has acquired a 9% equity stake in Monument Bank Limited, a UK Based Digital Bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). The terms of the deal were not disclosed.
Monument is a digital bank that is targeting the “mass affluent” sector of consumers in the UK. Monument says it gained 3000 customers in its first year of operation along with £145 million in deposits.
Khalid Bin Kalban, Dubai Investments’ Vice Chairman and CEO, described the investment in Monument Bank as a unique opportunity to move into the digital banking space in one of the most advanced and regulated markets at an early stage.
“The accelerated global shift to digital banking has been very positive for neobanks and the growth has been fuelled by waves of customers who have embraced digital banking’s expanded product suite. With Monument Bank combining traditional and established banking products with innovative solutions, the Group is looking forward to be a part of the evolving and the continued growth phase of digital banks while expanding horizons and diversifying strategically.”
Ian Rand, CEO of Monument the investment and partnership with Dubai Investments will accelerate the scale-up of their UK business.
Mintoo Bhandari, the Head of Institutional Relationships and Founder of Monument, said they are pleased to have Dubai Investments as a strategic investor:
“We believe that we are uniquely positioned to take advantage of the trends and opportunities that are continuing to emerge in our home market and believe that our partners at Dubai Investments can help us advance our strategic plans, leveraging our technological capabilities, to extend our operations and spheres of influence in other markets around the world.”
Monument said that it is currently working on a broader suite of products and services for the mass affluent lives easier, both in the UK and globally.