Irish fintech Fire Financial Services is targeting Ulster Bank and KBC Bank Ireland business customers seeking an alternative account provider as both lenders prepare to exit the Irish market later this year.
The company, which has set up a dedicated website to for Ulster Bank and KBC customers, offers digital accounts and allows customers to open multiple euro and sterling accounts for payments, to hold funds and pay out in both currencies.
Fire business accounts are digital by design and can be integrated into business systems and applications for automated payments. The firm has been regulated in Ireland since 2010 and secured a licence to operate in the UK three years ago.
Customers signing up with Fire online can instantly create new accounts, set up transfers and payments, and receive instant notifications and lodgement details in real-time. The company also issues "IE" IBANs
"The departure of two banks is one of the most dramatic and deeply impactful events to occur in the history of Irish banking," said Colm Lyon, CEO and founder of Fire.
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"With hundreds of thousands of business account holders looking for new solutions, Fire is confident our product can provide account holders with modern and innovative payment solutions"
Ulster Bank has around 70,000 business accounts, 40,000 of which are businesses' main current accounts, 900,000 personal accounts in Ireland. KBC has a total of 300,000 Irish accounts, of which 130,000 are active current account holders.
As the withdrawal of both Ulster Bank and KBC has left business account holders with short notice to find alternative banking solutions, Fire is pleased that we have the in-built capacity to welcome new customers quickly and efficiently via our sign up portal," Lyon added.
"By uploading documentation about a business, its owners and directors, users will have a sterling and euro account with a Fire debit card set up almost immediately - approximately 48 hours approval time compared to what we are hearing can be up to several weeks or months in some traditional banks.”
Fire operates a pay-as-you-go system, with no fees applied on the opening of an account and no monthly or quarterly fees for businesses. Transaction fees do, however, apply and are deducted at the time of processing.
Fire's business customers in the UK and Ireland include the Joe Duffy Group, Buymie, GRID Finance and Accelerated Payments.
Lyon previously founded and sold online payment business Realex Payments for an estimated €90m. It was reported in October that he had invested a further €2.5m into the company, bringing the total equity invested in the business to €19m.
Fire's latest accounts show the company made a loss of €1.4m in 2021, an improvement from 2020 when it loss €1.7m, as turnover rose from €778,700 to just over €1m, and the firm now employs 30 people between management, administration, technology and development roles.
(Pic: Getty Images)
