EXCLUSIVE – E-money app, deVere Vault, today added the Australian dollar and 21 other currencies to its growing repertoire of now 27 currencies, as the fintech continues to expand its products and customers since its launch a few months ago.
Among the other currencies added are the Canadian dollar, Chinese yuan, Japanese yen, Mexican peso, and Turkish lira.
These new currencies add to deVere Group CEO, Nigel Green’s design to establish the fintech as an international money app in the ever-expanding landscape of digital payments apps and virtual wallets.
Formed earlier this year, deVere Vault was launched by financial advisory services, deVere Group, as its first footstep into the fintech space.
Green, who at the time of the app’s launch in April said he believes “the days of traditional banking are numbered,” before he unveiled the mobile-first app, shortly after receiving an e-money banking license for the venture.
The app is designed to provide expat and globally travelling clients a comprehensive service to access, manage and use their money instantly around the world. In May, it launched its first prepaid debit card, powered by MasterCard. The digital card was first available in four currencies: the U.S. dollar, euros, the British pound, and Swiss franc.
Now with 21 other currencies, the app hopes to penetrate many other markets.
In a statement Monday, Green said:
Now you can store, transfer and exchange 27 global currencies. Plus, when you’re spending in the States, the UK, the Eurozone or Switzerland, Vault automatically adapts to use in the right currency, without the account holder having to do a thing. For instance, in New York you’ll pay in U.S. Dollars, in London it’ll convert to Pound Sterling, in Barcelona you’ll be paying in Euros, and in Geneva it’ll be Swiss Francs.
deVere Vault provides electronic money and a single card, multi-currency service. The app ensures the best currency exchange ratios for transactions in different currencies. A user can open an account with deVere Vault online; the process takes a few minutes. It allows users to withdraw money from any cash machine worldwide. The card can be used wherever Mastercard is accepted, and users can send/receive money in the different currencies in real-time from other deVere account holders.
Another feature it added today is the ability to transfer funds to a bank account. That bank account can belong to the user, a business or even a be a P2P transfer.
In efforts to build its presence in the digital banking space, the group also established a challenger bank after being granted an investment license from the Financial Services Commission of Mauritius earlier this year.
deVere Vault anticipates its user base to be 40,000 by end of the year.