British challenger bank Masthaven has secured a £60m strategic equity investment from alternative investment firm Värde Partners.

The investment follows an agreement between the two entities in September last year.

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Masthaven investment: Details

The new investment will be used by Masthaven to bolster its capacity as a specialist bank in UK residential and SME markets.

It intends to utilise the £60m investment, along with its existing capital, to increase lending to its customers over the following three to five years.

The bank also intends to use funds to offer new deposit solutions.

Masthaven founder and CEO Andrew Bloom said: “Masthaven has made tremendous strides in the past few years.

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“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.”

Launched in 2016, Masthaven offers retail savings, SME lending, property financing and other services.

Värde Partners head of European financial services Elena Lieskovska said: “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.”