Challenger Bank Monument secured a £40m Series B funding round and is reportedly targeting a £100m fundraise for its Series C.
In brief:
-According to the bank’s CEO Ian Rand, the business’ savings balance exceeds £700m, with 383 per cent growth to date.
-He said its mass affluent clients have an average balance of more than £60,000, enabling it to scale with a “laser sharp focus” on its community.
-Focused on mass-affluent customers, the bank lent almost £100m in its first year of operation and, as reported by Sky News, is looking to launch a £100m fundraise.
What does this mean?
“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,” Rand said.
