By Aisling Finn on Thursday 2 April 2020
The financial provider promises 100 per cent safe deposits and no hidden fees for Iceland’s 360,000 residents.
Indó, the first app-based digital banking service of its kind in Iceland, has submitted an application for a full banking licence from the Nordic country's central bank and financial regulator.
The move comes after Indó announced a successful €1m seed round in February 2020.
Indó’s seed funding was raised with the help of Icelandic Venture Studio, as part of a €5m fundraise for the island country’s startups.
The app now hopes to bring fintech and financial management services to Iceland’s 360,000 residents and, once its application has been approved, it will launch a debit card and a smart money app.
Bala Kamallakharan, co-founder of Iceland Venture Studio, said: "Indó is the first commercial bank license that will be issued by the Icelandic authorities after the 2008 financial crisis.”
"The mission of Indó is to do to banking what Amazon did to retail. The principles are the same and I think the timing could not be more perfect."
If the fintech’s application is successful it will be the first new Icelandic bank in decades after many of the banks in Iceland were taken over by the government following the 2008 financial crisis.