Iceland-based Banking Challenger indó Ready to Transfer Out of Stealth Mode, After Securing €1 million in Seed Funding

Iceland-based banking challenger indó has secured €1 million in seed funding from a number of angel buyers.

As talked about on its official web site:

“indó is the primary Icelandic financial institution in many years. We need to make a distinction by providing you 100% protected deposits. We’ll give you a present account and a debit card, higher charges and decrease charges, complete transparency and an easy-to-use app.”

The neobank is now prepared to maneuver out of stealth mode, as its administration has utilized for a banking license from the nation’s reserve financial institution and monetary regulator, the Monetary Companies Authority (FSA).

Indó is notably the primary app-based banking challenger to launch in Iceland. The digital banking platform will supply a “good” cash administration app which will probably be linked to a company-issued debit card.

After being awarded a banking allow, the financial institution will start providing present accounts with a aggressive rate of interest.

Indó has been financed by Icelandic Enterprise Studio, which secured €1 million in capital in February. The capital injection has elevated the financial institution’s complete funds to €5 million, that are used to make strategic investments in early-stage initiatives.

Bala Kamallakharan, co-founder at Iceland Enterprise Studio, acknowledged:

“Banks kind the core of the financial engine. I feel when issues change into complicated, in addition they change into fragile and each shock can break them. Hopefully, you need to imagine that it makes it stronger however I’m not positive.” 

Kamallakharan added:

“We have to rethink banks. Indo will get the primary business financial institution license that will probably be issued by the Icelandic authorities after the 2008 monetary disaster.”

He confirmed that the financial institution’s mission is “to do to banking what Amazon did to retail.”

He remarked:

“The ideas are the identical and I feel the timing couldn’t be extra excellent.”