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Indó applies for a full banking licence

Thursday 2 April 2020 14:35 CET | News

Indó, an Iceland-based digital banking service, has applied for a full banking licence from the country's central bank and financial regulator.

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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Keywords: Iceland, challenger, Indó, digital banking, banking licence, fintech, financial, debit card, mobile app, Icelandic Venture Studio, start-up
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Iceland
This article is part of category

Banking & Fintech