Indó, a challenger bank Iceland-based, has successfully acquired $4.5 million in seed funding. This is the first challenger bank in Iceland that focused on consumer virtual banking. They aim to integrate and modernize the current financial infrastructure. The reason for the incentive of Indó was the financial crisis of 2008, which led to the collapse of the banking sector in the country, resulting in major economic difficulties. In 2008 the financial crisis became a significant political event as all three major privately owned commercial banking defaulted, causing serious consequences.
Indó was established to enhance trust in the banking industry by providing greater transparency and seamless banking. Indó lives by three fundamental principles.
- The convenience of setting up a financial health-focused account.
- The second important factor is fairness, transparency and cherishes to customers’ needs.
- Finally, being transparent with customers about how their money is used is important.
The challenger bank claims to offer better rates and a user-friendly mobile app than any legacy bank.
The CEO of Indó Haukar Skulason stated,
“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.”
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