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New digital bank Vive receives banking licence

New digital bank Vive receives banking licence

New UK digital bank Vive has received a banking licence with restriction from the Bank of England.

The new bank will be offering personal loans and a fixed-rate savings account and launching with with an Open Banking-based money management app.

Vive is aiming to capture the underserved market of customers who struggle to access affordable credit.

Receiving a banking licence with restriction - also known as 'mobilisation' - is the first step towards a new bank becoming fully operational, in which it can start to do business but with certain limitations such as the amount taken in deposits.

Vive will be expected to be in mobilisation for no more than 12 months before it proceeds to full authorisation.

CEO Nick Anthony describes the awarding of its licence as "a significant milestone" to the challenger's ambitions to "provide simple, straightforward products, built for a digital world."

“Vive is designed for people who want greater choice than that offered by their current bank," Anthony adds.

"Our prospective customers value service, speed and transparency but also want the best rates available to them."

It was announced in September 2019 that Vive is using Starling Bank partner Bottomline Technologies for its faster payment processing.

Vive is targeting a full launch during Q2 of 2020 and is at present inviting people to beta test its product.

 

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