Fledging challenger bank Vive has been awarded a banking licence, with restriction, by the Bank of England.
Vive is aiming to fully launch itself as bank in the second quarter of 2020 with a suite of personal loans, a fixed rate savings account and Open Banking-based Money Manager app.
The bank, led by chief executive Nick Anthony, a former head of retail banking at VTB Capital and chief operating officer at S4Si, has been in development since January last year.
Vive is currently inviting people to sign up as beta testers on its website ahead of the launch in the coming months.
Anthony said: “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.
“Vive is designed for people who want greater choice than that offered by their current bank,” he continued, adding: “Our prospective customers value service, speed and transparency but also want the best rates available to them.”
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