Vida Homeloans has secured authorisation from the PRA and FCA to become a fully licensed bank, and will operate under the name Vida Bank.
Vida will soon begin accepting retail deposits and launch a range of savings products before the end of the year.
According to the company, this licence will allow Vida to “accelerate its growth ambitions” and become more competitive in the specialist mortgage market.
This will include potentially strengthening its funding base and broadening offerings to customers including intermediary partners.
“Receiving our banking licence not only validates the hard work and dedication of our entire team but also opens up tremendous opportunities for further growth and innovation,” said Anth Mooney, CEO at Vida Bank (pictured above).
“As we move forward, we are committed to maintaining the highest standards in everything we do. We very much look forward to further strengthening our specialist mortgage proposition and to launching our very first savings products in the coming days."
