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UK-based digital bank Vive acquires banking license from Bank of England

Friday 24 January 2020 11:51 CET | News

Vive, a newly established UK-based digital bank, has reportedly acquired a banking license with certain restrictions from the Bank of England (BoE).

The new digital bank aims to provide personal loans and a fixed-rate savings account. It will be launching with an Open Banking-based funds management app.

Vive’s management says the bank is planning to target the underserved market of clients who may not have access to credit at affordable costs.

Acquiring a banking license with restrictions, referred to as “mobilization,” is one of the first critical steps towards a new bank becoming fully operational. After a bank is allowed to offer a comprehensive range of services, it can officially start doing business, however, there might still be a few restrictions like the amount taken for deposits.

 

Vive is on track to be in mobilization for around a year before it is given full authorization. 

In September 2019, Vive’s management confirmed that the company would be using Starling Bank partner Bottomline Technologies for quick payment processing.

 

Vive is planning a full launch during the second quarter of 2020 and is currently requesting the public to beta test its platform.



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Keywords: Digital bank, Vive, banking, Bank of England, banking license, payments, app
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech