Vive Bank, a digital bank based in the UK has been granted a banking license by the Bank of England.
This licence is also subject to restriction.
Go deeper with GlobalData
In the second quarter of this year, the bank plans to launch its products, which consist of unsecured personal loans, open banking-based money management app, a fixed rate savings account.
Vive Bank, however, will not offer a current account, unlike other challenger banks.
With the launch of the new products, Vive intends to tap the underserved market of customers struggling to avail credit at affordable rates.
Vive CEO Nick Anthony was quoted by UKtech.news as saying: “We are thrilled to have been awarded our UK banking licence with restriction, a significant milestone to Vive launching as a fully operational digital bank. Our ambition with Vive is to provide simple, straightforward products, built for a digital world.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Vive is designed for people who want greater choice than that offered by their current bank. Our prospective customers value service, speed and transparency but also want the best rates available to them.”
Incorporated in 2017, Vive Bank has been funded by Turkish businessman Kasim Garipoglu and British financier Robert
Securing a licence with restriction is considered to be the first move for a bank towards becoming a completely operational entity.
