DeVere names GM to e-bank, declaring traditional banking ‘finished’

DeVere Group, has today named Donatas Kontrimas as general manager of its recently launched banking operation, deVere Vault.

DeVere Vault, is a global e-money app and banking service and was, as reported, launched on 10 April. DeVere said in a statement announcing the hire that it believes that its new service will “disturb the traditional banking sector” and that traditional banking is “finished”.

Kontrimas joins deVere Vault from Barclays with immediate effect and reports directly to Nigel Green, the deVere Group CEO.

Kontrimas said that a key influence in his decision to join deVere was that the company is “committed to using its considerable resources to revolutionise and enhance the way we all access, manage and use money.”

“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,” he said. “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.

‘Days numbered’

“The days of traditional banking are, I believe, now numbered,” he added.

Kontrimas added that 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.

He also added that his software engineering background will see him “play a role” with technical aspects of the company’s current and future products.

“We will be offering more currencies and are likely to introduce a premium service for deVere Vault in the near future,” he added.

Nigel Green, (pictured left), deVere Group founder and CEO, said that Kontrimas values the “trailblazing nature” of the company’ s current offering, and is “excited” about the future. In a statement on the official launch day of deVere Vault, Green said that banking as we have known it until now is “finished”.

“Initially, deVere Vault will provide global services in electronic money and a single card, multi currency service,” said Green. “Focusing on those with an international lifestyle, we will also ensure that the best currency exchange ratios are given.

“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.

“And this is just the beginning. We’re confident that deVere Vault is set to revolutionise how people access, manage and use money across the world and positively disturb the wider banking sector,” said Green.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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