DeVere delves deeper into fintech space with e-money app launch
Nigel Green, founder and CEO of DeVere Group
Financial consultancy firm DeVere Group has launched an app-only e-money service as it pushes deeper into the banking and fintech sector.
As Banking Technology reported last month, the group took advantage of Lithuania’s ambitions to attract fintech firms and set up a new office in the capital Vilnius. This was preceded by the unveiling of its own private bank, DeVere Group Bank St Lucia.
From the deal in Lithuania it got an electronic money institution licence which made it possible for DeVere to establish its new subsidiary DeVere E-Money and then launch the app – called DeVere Vault.
Nigel Green, founder and CEO of DeVere Group, calls the app “the launch of our challenger bank” and, like many others, says the “days of traditional banking are numbered”.
DeVere Vault will provide services in electronic money and a single card, multi-currency service. According to the firm, an account can be opened in around five minutes. Users can withdraw money from any cash machine worldwide, get real-time notifications with all transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies instantly with other DeVere Vault account holders.
DeVere Group was established in 2002 and has its headquarters in Dubai. It says it has over 80,000 clients in more than 100 different countries, and over $10 billion under advice and administration.
