Iceland’s first challenger bank indó launches from stealth
Summary
Icelandic FinTech company indó has launched from stealth after the close of its seed round on $4.5m. It also claims to be the first challenger bank aimed at acquiring customers’ primary salary-deposit account with a new-build and uniquely low-cost model while encapsulating existing financial infrastructure. indó CEO Haukur Skúlason said, “Over the centuries, banking has evolved from ‘a place to store money’ into a vast, complex financial services industry – one that is steeped in the mystique of money, privilege, power and exclusivity, thriving on opacity and getting away with shoddy customer service. “The financial services industry is one of the lowest-ranked worldwide when it comes to trust and is driven by bank failures, ongoing scandals, revelations of corruption and participation in money laundering. indó is going back to the roots of banking to restore trust, regain transparency and return tradition to a field that sorely needs a new approach.”