Challenger bank Masthaven has launched today (28 November), offering savings and lending products which it claims focus on needs not being met by traditional lenders.
Masthaven is the UK’s only owner-managed challenger bank with a partnership model which means 80 per cent of employees are already shareholders in the business.
The bank uses “smart technology” to help customers and intermediaries hit their savings goals or make lending decisions with personalised products.
Jon Hall, managing director of Masthaven, said: “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 said “human digital banking” consists of access to its “expert team” combined with “straightforward digital services”.
It claims its platform allows people to open an account in minutes.
Its Flexible Term Saver savings account allows savers to determine when their savings account matures to the day - anytime between six months and five years.
Masthaven, which has been a specialist lender since 2004, will launch into the mortgage market in early 2017.
The bank is offering bridging lending and development finance to help SME housebuilders and self-builders.
Andrew Bloom, founder and chief executive of Masthaven, said: “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.”