Monument Bank Targets UK Savings Market Share and Secures Series B Funding Amidst Banking Sector Turbulence #

Monument Bank is aiming to secure a 3-5% stake in the UK’s £6 trillion savings market, according to an investor presentation. Following a successful $50 million Series B equity raise, the bank, led by former Co-operative Bank CEO Niall Booker, is now valued at over £150 million. With over 10,000 accounts since its 2021 launch, Monument Bank caters to affluent customers, boasting an average account balance of £60,000. Dubai Investments holds a 9% share, aligning with the bank’s goal to serve nearly 5 million affluent UK individuals. CEO Ian Rand expressed confidence in achieving profitability by the latter half of 2024, highlighting investors' faith in Monument’s strategy. Amidst a shaky banking sector, exemplified by UBS’s acquisition of Credit Suisse and Metro Bank’s rescue, Monument Bank’s growth trajectory continues, although details on the upcoming Series C funding round remain undisclosed.