A challenger financial institution which caters to a few of Britain’s wealthiest savers is to kick off a £100m fundraising because it targets fast development amid “recent market dislocations”.
Sky News has seen an investor presentation circulated by Monument Bank which signifies that it’s concentrating on a 3-5% share of the £6trn UK financial savings market.
On Wednesday, the financial institution, which is chaired by the previous Co-operative Bank chief government Niall Booker, introduced that it had accomplished a $50m (£40m) Series B equity-raise, with funding dedicated from new and current buyers.
One supply mentioned the funding had been raised at a valuation of greater than £150m on a pre-money foundation.
It now intends to provoke discussions about its Series C spherical, which one supply near the method would see it elevating not less than £100m of recent capital.
Since its launch in 2021, Monument Bank has opened greater than 10,000 accounts for rich savers, with account balances averaging over £60,000.
Named after the well-known commemoration to the Great Fire of London within the City, it counts Dubai Investments as a 9% shareholder and believes it might probably turn out to be a number one banking providers supplier to roughly 4.8 million professionals, entrepreneurs, property buyers and different mass-affluent clients within the UK.
Ian Rand, Monument’s chief government, mentioned the Series B spherical was “another testament to our investors’ continued belief in the bank’s strategy, as we continue to move forward in our journey and accelerate our path to profitability, targeting monthly profitability in the second half of 2024”.
“Monument remains committed to serving the overlooked ‘mass affluent’ segment in the UK, and eventually beyond the UK, having launched new features and products to further enhance the client experience.”
Its fast development comes after a turbulent yr in components of the banking business, most notably with UBS’s emergency takeover of Credit Suisse within the spring, and the current bailout of Metro Bank by debt and fairness buyers.
A spokeswoman for Monument Bank declined to touch upon its proposed Series C spherical.
Source: information.sky.com”