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

Vive will be launching with personal loans, a fixed rate savings account, and an open banking-based Money Manager app.

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.”

Vive is currently inviting people to sign up as beta testers on its website, with an aim to fully launch the bank during Q2 2020.