In this paper we study the semigroup ℐ ∞↗ (ℕ) of partial cofinal monotone bijective transformations of the set of positive integers ℕ. We show that the semigroup ℐ ∞↗ (ℕ) has algebraic properties similar to the bicyclic semigroup: it is bisimple and all of its non-trivial group homomorphisms are either isomorphisms or group homomorphisms. We also prove that every locally compact topology τ on ℐ ∞↗ (ℕ) such that (ℐ ∞↗ (ℕ); τ) is a topological inverse semigroup, is discrete. Finally, we describe the closure of (ℐ ∞↗ (ℕ); τ) in a topological semigroup.