Icelandic challenger bank indó has signed with Finnish technology provider Enfuce, which will provide the foundational tech for payments, open banking and sustainability services.
The first app-based challenger to emerge in Iceland, indó is following the usual path of releasing a smart money management app tied to a debit card. Once approved for a banking licence, the firm intends to offer current accounts with an introductory market-beating interest rate.
Enfuce’s turnkey service contains the capabilities for implementing data-driven features in the indó app, set for launch later in 2020.
The key pillars of Enfuce’s offering - Payments Services, Open Banking and My Carbon Action - will underpin various elements of the indó user experience.
Enfuce’s plug-and-play carbon footprint tracker will show indó users the CO2 emissions of their individual spending in categories like food and transportation, and provide actionable insights on sustainable lifestyles.