indó
“Can a safety-first, central-bank-deposit-backed neobank displace incumbent Icelandic banks on transparency and fees?”
Founded2018
HQReykjavík, Iceland
FoundersHakon Skúlason, Tryggvi Bjorn Davidsson
Total raised$5.6M
Latest roundSeed, 2022
IndustryFintech / Neobank
The story
indó was founded in 2018 by two former bankers (from Islandsbanki and Barclays Capital) to reinvent retail banking in Iceland with a card-linked app and current account. Its differentiator is a safety-first deposit model — customer funds are deposited with the central bank rather than being managed directly by indó — combined with no account fees. The company operates as a licensed savings bank (indó sparisjóður hf.) and partnered with Finnish processor Enfuce in 2020 to power its card program.
Last 12 months
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Product timeline
2018
Founded in Reykjavík by former bankers Hakon Skúlason and Tryggvi Bjorn Davidsson.· pivot
2020
Selected Enfuce for payments, open banking, and sustainability services ahead of launch.· card
2020
Raised seed round led by Iceland Venture Studio.· banking
2022
Raised $4.5M seed round.· banking
Regulated entities
1
regulatory licence held by indó
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in indó’s embedded-finance stack
Banking / BaaS
indó sparisjóður hf. (in-house)
Card issuing
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.