Igloo secured strategic investment from Arion Bank.

Igloo, a Reykjavik, Iceland-based company providing financial services for people looking to rent, announced in a press release getting into an investment agreement with the local bank from Iceland, Arion Bank.

The deal, which is part of a larger strategic partnership, was made for $670k for which Arion Bank will control 51% of the company.

The money will be used to build out automated processes related to the service, which will allow the company to scale out of Iceland.

Igloo, led by CEO Vignir Lydsson, is a company which has been providing the deposit-free guarantee service since April 2016 under the product name Leiguskjól. The company makes it easy for renters to rent without putting down a security depsoit. Instead renters pay a monthly fee to maintain their coverage.