Monument Bank, a challenger bank that has attracted a significant customer base of Britain’s wealthiest savers, is currently in discussions to raise £200m in private funding before considering a US flotation. This move could raise further questions about the appeal of the London market. Sky News has learned that Monument Bank, with around £5bn in assets, is eyeing a listing on New York’s Nasdaq exchange by the end of 2027, with a potential secondary listing on a major Middle Eastern or Indian exchange the following year.
The British-based lender, chaired by former Co-operative Bank chief executive Niall Booker, has already raised approximately £135m from blue-chip investors since its launch in 2019. The bank has now secured £30m of the £200m Series C financing it aims to raise this year. It is anticipated that the bank will be valued at around £1bn post-fundraising.
Monument Bank, named after the iconic monument commemorating the Great Fire of London in the City, aims to become the preferred bank for approximately 4.8 million professionals, entrepreneurs, property investors, and other mass-affluent customers in the UK. The bank has already opened over 60,000 accounts and has Monument Technology Limited as a subsidiary. The technology arm’s investors, however, are not all shareholders of the bank.
Ian Rand, former Barclays executive and current CEO of Monument Bank, confirmed the bank’s goal of raising up to £200m. Rand stated, «We anticipate that this will be our final fundraise that will support our product and international expansion, and fund our path to listing. We will explore all options for listing and make the final decision at the appropriate time.» While other exchange venues have not been ruled out, marketing materials for the Series C round emphasize the desire for a Nasdaq listing.
A decision to list overseas could be seen as a setback for the London Stock Exchange given the bank’s name and historical significance. Other challenger banks, like Monzo, have also been speculated to consider listings in London or New York. Shawbrook Bank, as reported by Sky News last month, has plans to go public in London this year. Monument Bank has already amassed a customer base with deposits exceeding most UK peers, averaging over £60,000.
Additionally, Monument Bank aims to secure banking licenses in Dubai and India, as per one of its existing shareholders.
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