Seed · Fintech · Reykjavík, Iceland · Founded 2018 · 15–25 employees
indó is Iceland's first challenger bank and fully digital banking platform, founded in 2018 by Haukur Skúlason and Tryggvi Björn Davíðsson. The startup has achieved remarkable traction with about 15% of Icelanders using the platform and handling one in ten card transactions in Iceland within just 6 months of launch. They operate a 'narrow banking' model where customer deposits are held with the central bank for 100% safety, positioning themselves as the 'world's least powerful bank.' The company has raised $5.61 million in seed funding and aims to save customers $100 million annually through transparent, fee-free banking services.
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