A UK challenger bank for the wealthy is undertaking a planned £200m final funding round before targeting a listing in the US. A Sky News report said that Series C round marketing materials circulated to potential investors referenced that Monument Bank wanted to list on Nasdaq.
Monument Bank choosing to list in the US, not the UK, would likely be viewed as a snub to the London Stock Exchange. Ian Rand, Monument CEO, did not deny the report to Tech.eu. On the destination of its potential listing, Rand said: “We will make the final decision at the appropriate time.”
Monument Bank, which launched in 2021 and now has around £5bn in assets, targets Britain’s wealthiest savers, entrepreneurs and property developers. It has raised about £135m in total and is now reported to have raised £30m of its planned £200m Series C it wants to raise this year.
The bank is also said to want to undertake a secondary listing in a major Middle Eastern or Indian exchange possibly the year after its US listing, where it wants to list by the end of 2027. Monument Bank is named after the statue commemorating the Great Fire of London. The appeal of London as an IPO destination has been a hotly discussed topic recently.
The CEO of UK-headquartered Revolut Nikolay Storonsky said it was “not rational” to opt to float in Britain, given the advantages of the US public markets. The board of UK-headquartered Monzo, meanwhile, is said to be in conflict over the destination of where to list, with CEO TS Anil favouring the US, and the board London.
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