indó, Iceland’s first-ever challenger bank, recently selected Enfuce – Finland’s biggest fintech startup – as its partner for payments, open banking and sustainability services. The collaboration assists indó in its announced plans to introduce the first new bank in Iceland in decades, by leveraging Enfuce’s leading industry and compliance expertise.
Founded in 2018, indó aims to reinvent banking with a simple and transparent neobanking service. Once its pending banking license is approved, indó will launch a card-linked app and current account with market-beating interest rates. In its mission to become the ”world’s least powerful bank”, indó never directly manages user funds. Instead, it operates a ‘narrow banking’ model whereby deposits are safely deposited with the local central bank, ensuring a 100% safe and transparent banking service.