Vive receives banking licence from Bank of England

Charlie Spargo's picture

Digital bank Vive has received a banking licence from the Bank of England, with restriction.

The bank hopes to target the market of clients who may not have access to credit at affordable costs. Vive is planning a full launch during Q2 of 2020 and is currently approaching the public to beta test its platform.

Vive CEO, Nick Anthony commented: “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. Our prospective customers value service, speed and transparency but also want the best rates available to them.”