Dubai firm acquires stake in Monument

Dubai Investments has acquired a 9% stake in Monument Bank, a UK-based digital bank. The investment will allow Monument to expand its offerings and services to cater to the mass-affluent in the UK and globally.

As the first digital bank to focus on the mass-affluent segment in the UK, Monument provides banking and financial services such as lending and savings products through its app. It has a full banking license from the Bank of England, and has acquired assets worth £100 million, deposits of £145 million, and has around 3,000 customers in its first year of operations.

The CEO of Monument, Ian Rand, stated that the partnership with Dubai Investments will allow them to accelerate their UK business and launch new solutions to their target market while leveraging their technology with partners and clients worldwide.

Dubai Investments’ CEO, Khalid Bin Kalban, sees the acquisition as a unique opportunity for the company to enter the digital banking sector in a highly regulated and advanced market.