Specialist lender Vida Homeloans has received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to become a fully licensed bank.

The company also confirmed it would operate under the new name Vida Bank.

As a specialist mortgage bank, Vida’s new ability to offer a range of retail deposits will strengthen its funding base and allow it to compete at a greater scale.

Obtaining a banking licence will also allow Vida to accelerate its growth ambitions and become more competitive in the specialist mortgage market.

As well as strengthening the mortgage proposition, Vida will soon begin accepting retail deposits by introducing a range of savings products before the end of the year.

Vida CEO, Anth Mooney, said that the milestone marks a “monumental day” after the firm had submitted its 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,” Mooney added.

“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.

“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.”

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