Major independent financial consultancy soft-launches challenger banking app.
deVere Group, a financial consultancy with 72 offices around the world, has entered into the challenger banking space with the launch of deVere Vault – a global e-money app. First announced a couple of months ago, Vault has now been given the green light to begin signing up its first users.
Vault is now in a soft-launch phase in which it will on-board existing clients and others around the world who have a registered address in a SEPA country.
deVere claims to be the world’s largest independent financial consultancy by both number of offices and clients globally (80,000+). The firm recently received an e-money banking licence, which facilitated the launch of Vault. The group has also launched a private bank and received an investment banking licence in 2017.
The low-cost, app-only banking service is aimed at ex-pats, allowing them to “access, manage and use their money instantly and seamlessly wherever they are in the world,” as deVere Group’s founder and CEO Nigel Green explained.
Vault will also be pitched as a fit for 18-45 year-olds globally.
“I believe the days of traditional banking are numbered,” said Green. “This is due to the speed with which banking information can be accessed and transactions made via app-only services. Such money apps are growing in popularity due to this high level of convenience, increased security, and as people become ever-more tech-savvy.”
In the first instance, users will receive a single card, multi-currency experience – seemingly similar to that delivered by Revolut, Globcoin and others. The app currently has four “currency bins” live: EUR, GBP, USD and CHF. HKD could be added soon, due to strong demand. Green says that the app will offer the best currency exchange ratios available.
“You will be able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your 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,” he said.