Challenger bank Masthaven receives £60m investment
UK challenger bank Masthaven aims to significantly increase lending to SMEs and consumers, following the completion of a £60 million equity investment from Värde Partners, reports Jane Connolly.
The global alternative investment firm agreed the deal with Masthaven in September 2018.
After seeing growth in its market niches – retail savings, SME lending and short and long-term property financing across commercial, buy-to-let and specialist residential real estate – Masthaven plans to increase lending across the next three to five years.
The bank’s founder and CEO, Andrew Bloom, says the funding will enable Masthaven to innovate with its savings and lending propositions.
“We have successfully launched specialist residential and buy-to-let mortgages, plus bolstered our savings suite by entering the SME savings market, all while growing our team to above 170 people and with a balance sheet in excess of £750 million,” he says. “Now it’s time for us to further enhance our propositions for both our existing customers and intermediary partners, as well as our future clients.”
Masthaven serves borrowers who don’t have access to traditional high street banking brands and has ambitions to become one of the leading specialist banks in the UK residential and SME markets.
A domestic vendor, DPR Consulting, is providing its front-to-back office retail banking system to Masthaven.
Want to know more about challenger banks in the UK? You can find our free and comprehensive guide on the UK’s challenger banks and banking services (and the technology they use) here.