Donatas Kontrimas has left Barclays to take the helm of the new online banking venture deVere Vault as general manager.
deVere Vault is a disruptive fintech app offering money transfers and banking online aimed at sending shockwaves through the traditional banking sector.
CEO Nigel Green says the Vault means ‘banking as we know it has finished’.
Vault is aimed at anyone with a mobile lifestyle – which means most of deVere Group’s 90,000 clients worldwide, who have problems accessing their money through many banks.
The app offers a multicurrency service which Green pledges is linked to some of the best available foreign currency exchange rates.
Accounts opened in minutes
With accounts opened within a few minutes, easy global access to money from any cash machine and a card accepted at any MasterCard outlet, he and Kontrimas believe they are in on the ground floor at the start of a banking revolution.
Kontrimas explained Vault was the major influence for him to join deVere Group.
“The company is committed to using its considerable resources to revolutionise and enhance the way we all access, manage and use money,” he said.
“I was also attracted to the role by the opportunity to lead a fintech company that can move faster and be more agile than the more established players. deVere’s determination to bring the banking sector into the 21st century and to respond to the ongoing and increasing demand of consumers is a breath of fresh air.
Banking and finance services for expats
“While there are similar – from a technical point of view – offerings, the product and market fit for deVere Vault has been designed for the expat community and internationally mobile people and organisations.”
Kontrimas also said his background as a software engineer will also allow him to play a role in the technical side of the company’s future products.
deVere Group is one of the leading financial advice companies for expats.
Vault comes just weeks after the company took over a private bank in the Caribbean and was granted an investment banking licence in Mauritius.
deVere Group has around 90,000 clients across more than 100 countries and looks after investments worth $10 billion.