Finance & Economics

Dubai Investments Buys Stake in Digital Bank Monument

Dubai Investments acquired a 9% stake in Monument startup, which operates in the field of digital banking.

Dubai Investments Buys Stake in Digital Bank Monument

Source: Pixabay.com

There is no information about the terms of the transaction for the acquisition of a part of the shares of Monument. The startup specializes in providing services in the UK market. As a potential customer base, this bank considers about 4.8 million British professionals who have liquid assets in the amount of 250 thousand to 5 million pounds sterling.

The range of services that the startup provides to consumers includes a set of standard banking operations and lending of investments in real estate and savings products. Now the financial institution is studying the prospects of expanding the range of products and services offered through an online application.

Following the results of the first year of its activity, the Monument acquired assets with a total value of about 10 million pounds. Also during this period of time, the bank, which passed the full licensing procedure, managed to form a customer base of about 3 thousand people. The total amount of deposits held in a financial institution, according to the results of the first year of operation, amounted to 145 million pounds.

Ian Rand, CEO of Monument, said that investments and cooperation with Dubai Investments represent the basis for intensifying the process of expanding the startup’s business in the UK market. He also noted that the bank, in the process of increasing the scale of its presence in the field of digital financial services, will focus on the target segment of potential customers, which are British professionals.

Ian Rand announced his intention to maximize all the available opportunities for the startup and its partners to achieve the goal of expanding its presence in the British market.

As we have reported earlier, Walmart Readies $2.5 Billion Investment in India’s E-Commerce and Payments.

 

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.