The app is supposed to bring fintech and financial management services to Iceland’s residents and, once its application will be approved, it will launch a debit card and a smart money app.
The move comes after Indó announced a EUR 1 million seed round in February 2020, which was raised with the help of Icelandic Venture Studio, as part of a EUR 5 million fundraise for the island country’s start-ups.
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.
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