Dubai Investments has acquired a 9% equity stake in Monument Bank, a UK-based digital bank.
Monument Bank focuses on high-net-worth individuals. It aims to provide core banking and other related services to help clients “prosper and save time”.
Founded in 2018, Monument provides property investment lending and a range of savings products within its app.
It is currently working on expanding its range of products and services for its customers, and looking to expand globally.
Commenting on the acquisition, Khalid Bin Kalban, vice chairman and chief executive officer at Dubai Investments, said: “Investment in Monument Bank provides the group a unique opportunity to foray into digital banking space in one of the most advanced and regulated markets at an early stage.
“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, chief executive officer of Monument, said: “Monument Bank is uniquely positioned as the only UK bank focused exclusively on the mass-affluent segment. We are already supporting thousands of customers with our deposit products and have lent nearly £100m in our first year of operation.
“With this investment and partnership, we will accelerate the scale-up of our UK business, launching innovative solutions to our target segment and growing our market share, whilst also leveraging our best-in-class technology with partners and clients around the world.”
Mintoo Bhandari, the head of institutional relationships and founder of Monument, added: “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.”
Image: Dubai Investments