Vida Homeloans has received authorisation from the PRA and FCA to become a fully licensed bank and will operate under the name Vida Bank.
The newly licensed bank can now offer retail deposits, strengthening its funding base.
This change will enable Vida to expand its customer offerings and improve service quality for intermediary partners.
Obtaining the banking licence allows Vida to accelerate growth and become more competitive in the specialist mortgage market.
The bank plans to offer more competitive pricing, new products and to serve a broader customer base while focusing on sustainable growth.
Vida will soon start accepting retail deposits, with plans to introduce attractive savings products by the end of the year.
Anth Mooney, CEO, said: “This is a monumental day for us at Vida having only submitted our application at the beginning of this year.
“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.
“I want to thank our exceptional team for their unwavering commitment in achieving this important milestone and express my personal gratitude to our regulators for their exceptional support and expert guidance during the application process.
Mooney added: “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.”
