Speaking to Bridging & Commercial, Masthaven announced that 4,124 savings accounts have been opened since it launched in November.

“Masthaven’s had a very busy and successful nine months since obtaining its retail banking licence in April 2016,” said Jon Hall, managing director of Masthaven.

Jon added that the bank’s launch followed “significant investment” to put core bank systems in place through 2015 and 2016, including its back-office processes and customer-facing aspect.

The challenger bank also revealed that it had assembled a 100-strong team, built its technology platform and road-tested its products with customers.

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The bank highlighted in its full accounts for the period from 26th June 2015 to 30th April 2016, published on Companies House, that additional share capital of £17m had been injected since the end of April 2016 totalling £20m of equity share capital.

Masthaven also reported a loss for the period ending 30th April 2016 of £1.3m after tax with administrative expenses totalling £1.6m.

Masthaven stated that its results for the period reflected the costs associated with achieving its banking licence and its initial capital injection of £3m.

Looking to the future, Masthaven stated it would focus on its strategy of helping customers to borrow and save money in ways which work for them.

It aims to do this by providing a blend of human expertise and technology, an approach it describes as ‘human digital banking’.