Startup Indo may be the first commercial financial company to get a banking license after the 2008 financial crisis
Icelandic Nobank Indo attracted 1 million euros of initial investment from business angels and applied for a banking license from the country’s central bank and the Financial Supervision Authority.
Indo is the first digital bank launched in Iceland. At the moment, startup customers have access to mobile applications and bank debit cards. According to Finestra, after obtaining a banking license, Indo plans to give users access to loans, promising much more favorable interest rates than other market offers.
It is reported that the Indo investment company is supported by Icelandic Venture Studios, which in February raised € 5 million to invest for startups at an early stage of development amounting to € 1 million.
According to Bala Kamalaharan, co-founder of Iceland Venture Studios, “banks are the core of the economic engine”. He also said that Indo was the first commercial financial company to get a banking license after the 2008 financial crisis.
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We previously wrote that British digital banks Revolut and Monzo have denied rumors of a collapse due to Coronavirus’s impact on the global economy. Despite the company posting on its financial problems, the startup canceled the unicorn, announcing the launch of the project on the US market.
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According to the material finextra.com