Having just been granted a restricted banking license by the Bank of England, Vive Bank is now months away from launching its first line of products.
The new UK digital bank has said that it is planning to begin to launch its new products in the second quarter of 2020. It has stated that it will begin with unsecured personal loans, an open banking-based money management app and a fixed rate savings account.
The stated goal of the new range is to tap the underserved market of customers struggling to avail credit at affordable rates.
The news comes during a hectic period for British digital banking solutions. For instance, Monese has boasted that it is close to achieving a unicorn status. Although, the $1bn valuation is dependent on whether or not it is able to close its current £100m funding round. Monese is hoping to close it some time in the first six months in 2020.
Royal Bank of Scotland’s (RBS) banking app Bó was launched in November last year. It was launched as RBS’ answer to the competition from new challenger banks.
However, after a series of setbacks – including fake reviews allegations and fake accounts – the app’s future was put in question this week when it was revealed that Mark Bailie, the chief executive, would leave the venture.
Looking further afield, January has also seen the Swedish challenger bank Northmill launched its fee-free savings account and the Australian digital bank 86 400 unveil an electricity deal comparison tool.
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