Masthaven Bank opened for business today offering savings products as well as bridging and development finance.

The bank will launch into the mortgage market in full in early 2017 after revealing details of its development finance and bridging ranges today.

Masthaven Bank is majority owned by its chief executive Andrew Bloom, though 80% of its employees hold shares.

Jon Hall (pictured), managing director of Masthaven, 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.”

The bank’s remit is making products personalised to help customers and intermediaries either hit their savings goals or make lending decisions.

Since being granted a retail banking licence in April Masthaven has built a team of 100 people and also rigorously tested its products.