Global investment firm Värde Partners has completed a £60m equity investment into specialist bank Masthaven.
Masthaven said the investment along with its existing capital base, will enable it to significantly increase lending to consumers and SMEs over the next three to five years as well as provide innovative deposit solutions to its customers.
Andrew Bloom, Masthaven’s founder and chief executive, said: “Masthaven has made tremendous strides in the past few years.
“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 £750m.
“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 will deploy the Värde Partners investment to bring more capacity to the UK market and enable us to innovate in terms of both our savings and lending propositions.”
Elena Lieskovska, partner and head of European financial services at Värde Partners, added: “Masthaven is a rising brand in the UK challenger bank scene and we’re thrilled about the opportunity to work together to enhance the bank’s proposition and to take it to the next level.
“At Värde, we are active in our portfolio companies, favouring the partnership approach to creating value, and that’s exactly how we expect to work with the Masthaven team.”
Michael Baker, managing director of joint ventures at The William Pears Group, one of the lender’s investors, said: “We’ve backed Masthaven Finance since 2011 together with the launch of Masthaven Bank in 2016 and are pleased to welcome Värde Partners as a new investor and look forward to them being part of the next phase in Masthaven’s journey.”
Värde Partners manages $14bn in assets and has more than 20 years of experience investing in consumer and commercial credit in the financial services sector.