Challenger bank Masthaven launches

New challenger bank Masthaven launches today, having been granted its retail banking licence in April.

Related topics:  Commercial,  Commercial finance
Amy Loddington
28th November 2016
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Offering a range of savings and lending products, the bank has plans to launch into the mortgage market in early 2017 and has spent this year forming a team approaching 100 people, building its technology platform and road-testing its products with customers.

The new bank will be majority-owned by founder and majority shareholder Andrew Bloom and has given share options in the business to its employees.

The Bank is also offering Bridging lending and Development finance to help SME housebuilders and self-builders.  

Jon Hall, Managing Director, said:

“Today marks the beginning of an exciting new chapter in our journey, and I am delighted to open the digital doors of this fantastic 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.”

Andrew Bloom, Founder & CEO, commented:

“We are determined to help more people access financial products that will truly 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.”
 
The Economic Secretary to the Treasury, Simon Kirby, added:

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

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