Dubai Investments has acquired a nine per cent stake in Monument, a digital banking startup targeting the UK's mass affluent market. Terms were not disclosed.
Monument has set its sights on Britain's approximately 4.8 million professionals with between £250,000 and £5 million in liquid assets.
It offers a range of core banking services along with property investment lending and savings products. The bank is currently working on a broader suite of products and services, all offered through its app.
In its first year of operations, the fully-licensed bank acquired assets of around £100 million, deposits of £145 million and approximately 3000 customers.
Ian Rand, CEO, Monument, says: "With this investment and partnership with Dubai Investments, 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."