A new bank for Ireland "Flip bank"

[Brendan Burgess]

[broken link removed]

Wanted - investors willing to pump €100 million into a new European bank that picked Ireland as its first market.



American marketing expert [broken link removed] and German banker [broken link removed] have been quietly making that unlikely-sounding pitch to telecoms and technology firms and other hand-picked investors for the last few months.

It's very hard to see a bank with €100m in capital getting going.

The cost of developing the technology would be huge and could use up a lot of the actual equity.

 

[murphaph]

A brand new bank of course has a massive technological advantage over the existing ones: no legacy codebase to carefully maintain. They can use modern technology stacks.

I think the advent of SEPA is what these guys were waiting for and if they don't do it, someone else will. A pan SEPA bank (online only) could win massive customer share in markets with little competition.

Their biggest problem IMO will be attracting depositors. Fear of the unknown etc.