Breaking News
Icelandic challenger bank Indó prepared to launch, securing €1 million
The Icelandic challenger called Indó just raised €1m in seed funding in three rounds, with the last one having more than 30% excess demand.
The investors were mainly angel investors and private individuals that share the company’s vision to change how digital banking works. The seed funding was raised with the help of Icelandic Venture Studio and was a part of a €5m fundraise for the Icelandic startups.
Read also: UK startup Dzing launches digital payment 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.”
With that, Indó applies for a banking license from the country’s central bank and Financial Services Authority.
Indó wants to take on the market since it will be the only bank in the country to offer “100% safe deposits” and completely backed by government-issued securities.
Also, as the banking sector in Iceland was largely nationalized since 2008 crisis, this is supposed to change significantly with Indó.
It claims that it will release fee-free accounts, only charging a transaction fee.
The founders Hakon Skúlason and Tryggvi Bjorn Davidsson are both former bankers.
[mc4wp_form id=”2736″]
Sources: https://www.finextra.com/newsarticle/35545/icelands-first-challenger-bank-ind-moves-out-of-stealth-mode https://fintechranking.com/2020/03/31/icelands-first-challenger-bank-indo-moves-out-of-stealth-mode/ https://www.fintechfutures.com/2020/04/icelandic-challenger-bank-indo-prepares-for-launch/
- Tencent Cloud Powers iyzico’s European Expansion with Secure, Scalable Payment Infrastructure Read more
- GTT Integrates Insurants AI to Power Insurance Data Intelligence Across Regulated Markets Read more
- The Paytech Magazine Issue #18 Read more
- Napier AI Targets Critical Gaps in AML with Launch of Insights AI, Tested in FCA Supercharge Sandbox Read more
- Apex Group Unveils New Research on AI Adoption Across Private Credit Read more
NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
2024’s Financial Innovators: A New Era of Banking Startups
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
The Evolution of Digital Wallets: A Shift from Physical Cards by 2030
By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.
Payment Technology Trends Shaping 2024 and Beyond
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
The Future of Digital Payments: Exploring PayPal Alternatives
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Nubank: Supercharged Banking and Predicted to Soar Beyond $100 Billion
In this blog, we will explore two exciting developments that have everyone talking about Nubank: its potential for exponential growth in share value and its remarkable expansion to serve more than 90 million customers across Latin America.
Tencent Cloud Powers iyzico’s European Expansion with Secure, Scalable Payment Infrastructure
At Mobile World Congress (MWC) 2026, Tencent Cloud, the cloud business of global technology company Tencent, announced a collaboration with iyzico, a leading Turkish fintech company, to support iyzico’s European expansion and the launch of its first cloud-based production platform in the region. Built on Tencent Cloud’s IaaS infrastructure, the deployment reflects its growing role in supporting regulated financial institutions across Europe’s fintech ecosystem.
GTT Integrates Insurants AI to Power Insurance Data Intelligence Across Regulated Markets
With a vision to develop India-built data and AI platforms for global deployment, GTT Data Solutions Ltd (“GTT”), a BSE-listed global data engineering and AI platform company, has integrated Insurants AI Limited, a specialist in insurance data intelligence, analytics, and harmonisation that focuses on enabling intelligent data management, automation, and decision intelligence for enterprises across insurance, banking, and other highly regulated sectors. This move strengthens GTT’s insurance technology capabilities across the U.S., UK, Europe, India, and APAC, positioning the company as a provider of next-generation insurance data and intelligence solutions.
The Paytech Magazine Issue #18
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Napier AI Targets Critical Gaps in AML with Launch of Insights AI, Tested in FCA Supercharge Sandbox
Napier AI, a global leader in AI-powered financial crime compliance solutions, announces its latest AI innovations are available in product Insights AI, a new capability within their Transaction Monitoring solution designed to close critical gaps in anti-money laundering (AML) investigations. This follows extensive testing in the Financial Conduct Authority (FCA) Supercharged Sandbox.
Apex Group Unveils New Research on AI Adoption Across Private Credit
Apex Group Ltd. (“Apex Group”), a global financial services provider with over $3.5 trillion in assets serviced, has published AI-powered private credit, a new research report examining how artificial intelligence is being adopted across private credit operations globally, and where the industry’s most significant opportunities and challenges lie.
PayQuicker Launches 1099 Solution Powered by Avalara
PayQuicker, a global payouts and financial technology company, today announced the launch of its new 1099 tax reporting solution, powered by Avalara, the agentic tax and compliance leader. The new offering helps businesses simplify and automate 1099 reporting while reducing compliance risk and administrative burden.
Loan Servicing Enters the AI Agent Era as Chaseit.ai Scales Toward 30,000 Calls a Day
Loan servicing, long one of the most manual and operationally intensive areas of financial services, is beginning to shift as AI voice agents move from pilots into live production environments.