Masthaven bank

Challenger bank Masthaven goes live

New challenger bank Masthaven has launched and will be offering saving and lending products from today.

Masthaven was granted a banking licence back in April and has spent the subsequent months forming a team to build its technology platform and road test products with customers.

The bank's unique partnership model at launch will see 80% of employees already shareholders in the business.

Speaking of the launch, Jon Hall, managing director of Masthaven, said today marked the beginning of an exciting new chapter in its journey, and was delighted to open the digital doors of the new challenger bank. 

“We know everyone has different financial needs and that’s why we are providing products that our customers want, not just products that banks have always had available. 

“Our unique blend of human digital banking combines intelligent people who really care with technology to ensure both customers and brokers can interact with us in the way that suits them. 

“We are proud to be part of the banking revolution – looking beyond convention to give individuals what they want from their bank.”

Masthaven will offer personalised products such as the flexible term saver savings account, which allows savers to determine when their savings mature to the day – anytime between six months and five years, designed for those saving for key events.

The bank will also launch into the mortgage market in early 2017 and continue to support homebuyers who do not meet traditional banks’ requirements.

Masthaven will offer bridging lending from the outset as well as development finance to help SME housebuilders.

“We want our financial services industry to be the most competitive and innovative in the world, delivering greater choice and value for customers,” said Simon Kirby, economic secretary to the Treasury.

“New digital banks entering the market are a key part of this vision and help to cement the UK’s leading position as a global fintech hub.

“I am delighted that Masthaven is now open for business and look forward to seeing it flourish as a new player in retail banking.”

Masthaven’s board of directors will consist of Peter Harrison as chairman, Jon Hall, managing director, as well as non-executive directors Anne Gunther, Ashley Machin and Michael Barker.

Andrew Bloom, will be the majority-owner and serve on the board.

Andrew said Masthaven was determined to help more people access financial products that will meet their needs.

“We have established a fantastic and dedicated team of experts to get the bank to launch and we are now very much looking forward to working with customers and brokers to show them what we have created. 

“As we look forward, there are many new opportunities for businesses like ours to evolve and grow and support more people in the future.”

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