Icelandic challenger bank indó has inked a partnership with open banking and payments startup Enfuce, ensuring it can rely on the Finnish venture’s compliance and industry expertise.
The announcement is part of indó’s plan to launch Iceland’s first new bank in decades and to rebuild the trust the sector lost as a consequence of the 2008 recession. Officially launched in 2018, the neobank is now waiting for its pending banking license application to cleared.
Once 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.
And that’s where Enfuce comes in. Through the new partnership, indó will be able to use Enfuce’s turnkey service, which contains the capabilities for implementing data-driven features in the indó app.
“We at indó are thrilled to partner up with Enfuce on our journey,” said Haukur Skúlason, CEO at indó. “The core value for which indó stands, and our desire to affect a real change in the banking industry, is matched by Enfuce’s drive and vision. Enfuce is not only a partner in our venture, they are a crucial element in our above-and-beyond value proposition to our customers.”
Monika Liikamaa (pictured), co-founder and chair at Enfuce, shared his bullishness about the impact the challenger bank will have. “We’re convinced that indó is going to shake up the status quo in Icelandic banking,” said Liikamaa. “That indó chose to subscribe to our full offering – from payment processing to open banking – is humbling, and speaks to the huge long-term potential of this partnership. Together, we are greater than the sum of our parts.”
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