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Icelandic neobank indó has charged Finnish fintech Enfuce with underpinning its payments, open banking and sustainability services.<\/p>\n
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<\/div>\nThe six-person indó team<\/p>\n<\/div>\n
Indó was seeking a full-service partner with “a focus on speed and compliance” ahead of its planned launch later in 2020.<\/p>\n
Founded in 2018, the Icelandic neobank aims to reinvent banking in its home country with a card-linked app and current account featuring competitive interest rates.<\/p>\n
The bank never directly manages user funds. Instead, it operates a model whereby deposits are safely deposited with a local central bank.<\/p>\n
The challenger also claims that it will not be taking any fees on its accounts, only charging a transaction fee.<\/p>\n
Founders Hakon Skúlason and Tryggvi Bjorn Davidsson are both former bankers.<\/p>\n
Skúlason spent two and half years as a director at VÍB, the asset management division of Islandsbanki.<\/p>\n
Davidsson worked as a director at Barclays Capital for seven years before joining Islandsbanki as a managing director, a post he held for five years until June 2017.<\/p>\n
“We at indó are thrilled to partner up with Enfuce on our journey,” says CEO Skúlason.<\/p>\n
“The core value for which indó stands, and our desire to affect a real change in the banking industry, is matched by Enfuce’s drive and vision. Enfuce is not only a partner in our venture, they are a crucial element in our above-and-beyond value proposition to our customers.”<\/p>\n
The financial sector in Iceland emerged from the 2008 financial crisis with three of its largest banks taken over by the government.<\/p>\n
Many of the country’s largest institutions were split apart and relaunched under supervision, including Landsbankinn, Islandsbanki, Arion Banko and MP Banki.<\/p>\n
Tags:<\/b> Alex Hamilton<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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Icelandic neobank indó has charged Finnish fintech Enfuce with underpinning its payments, open banking and sustainability services. The six-person indó team Indó was seeking a full-service partner with “a focus on speed and compliance” ahead of its planned launch later in 2020. Founded in 2018, the Icelandic neobank aims to reinvent banking in its home … Continue reading Icelandic challenger bank indó selects Enfuce<\/span><\/a> Continue Reading