New Bank for Online Gamblers: Ivobank Backed by Powerful Family

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A new online bank catering to online gambling enthusiasts has opened and offers fast and secure online money transfer services.

Ivobank is believed to be the first independent bank to launch since the dotcom boom in 2001 and the first to be authorised and regulated by the Financial Services Authority (FSA).

Backed by the Sampoerna family, Ivobank plans to have one million customers within the next five years. Ivobank's Managing Director, Timothy Sawyer, said while the bank is open to anyone, it had been specifically designed with online gamers in mind.

The family was also a major investor in Mansion Poker and Sportsbook and had made its fortune in the Asian tobacco industry.

"The online gaming industry has developed rapidly in recent years, but the financial services supporting it have not kept pace," Mr Sawyer said.

"Many online businesses and customers have been ill-served to date, resulting in relatively high costs and relatively low levels of service.

"Ivobank aims to plug the gap by offering instant and highly secure online payment services, combined with competitive interest rates,'' Mr Sawyer continued.

On top of this, Ivobank allows customers to move money instantly from their account to friends and family overseas, making it very attractive for international money transfer.

"Ivobank is perfect for anyone who wants to shop online, but doesn't want to use a credit card,'' Mr Sawyer concluded.

Customers have access to a virtual debit card - The Ivobank Virtual Card - which can be used to make purchases online wherever MasterCard is accepted.

Headquartered in London, Ivobank has been set up by a number of industry veterans that have held senior positions within the banking and gaming industries. Mr Sawyer was previously Chief Executive Officer of cahoot and was instrumental in the launch of the bank.

Of course Gambling911.com would be remiss in not pointing out the recent surge in bank closures throughout the US.

It was just last weekend that two more banks - Bank of Nevada and Heritage - were promptly taken over by the FDIC and acquired by Mutual of Omaha. A few weeks prior, IndyCal Bank closed down leaving countless numbers of customers waiting in lines to cash out and millions of dollars in uninsured funds lost.

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