indó announced completing €1 million in seed funding in three rounds since 2018.
indó, a Reykjavik, Iceland-based company aiming to become a bank challenger in the local market, announced that it completed €1M ($1.1M) in capital investment.
The money was drawn in three tranches for the past 12-18 months and was provided by a group of investors from Iceland, mainly angel investors and private individuals, including Iceland Venture Studio.
indó, founded in 2018 by Haukur Skúlason and Tryggvi Björn Davíðsson, is the first Icelandic bank in decades. The company is in the process of getting a banking license application with the Icelandic FSA and targets consumers by offering 100% safe current accounts, and a debit card, better rates and lower fees via a mobile app.