Dubai: Dubai Investments has raised its stake in the UK digital bank Monument significantly, to 16.93 per cent from 9.25 per cent, in another sign that the UAE company sees financial services sector as primed with opportunities.
It was early this year that Dubai Investments announced its initial Monument Bank stake, and which did surprise many market watchers here at the time.
“Dubai Investments’ increased stake in Monument Bank, not only reiterates the Group’s confidence in the bank’s potential but also its strategy and vision,” said Khalid Bin Kalban, Vice-Chairman and CEO.
“Monument Bank's resilience - and successful capital raise rounds - exemplify their promising growth trajectory. And the bank's progress in monetizing its technology and business service verticals demonstrates its commitment to innovation and customer-centric solutions.”
The DFM-listed DI – known for its massive industrial park in Dubai and upcoming resort in Ras Al Khaimah – has in the recent past been talking up plans to expand exposure in financial services. It had at the time kept adding to its stake in Dubai’s National general Insurance.
This investment also solidifies Dubai Investment’s presence in the dynamic digital banking landscape and aligns with the Group’s vision to foster international collaborations
New fund round
Monument Bank recently completed a Series B round raising over 40 million pounds, backed by existing and new investors. Since inception, it has raised over 103 million pounds. (In its first year of operations, the bank's lending hit nearly 100 million pounds.)
“The business’ growth continues to accelerate, with savings balances exceeding 700 million pounds, (383 per cent growth year-to-date)," said Ian Rand, Monument Bank’s CEO. "Our proposition and quality of service has successfully attracted mass-affluent clients, with our average balance now over 60,000 pounds, enabling us to scale with a laser sharp focus on our community.”