It is no easy time for neobanks: more than 140 of them have closed between 2021 and October 2023. But a new one is to launch in November 2023: Íkualo, a Spain-based neobank dedicate to immigrants living in Europe, looking for convenient access to financial services.
The company, based in Barcelona, has an Electronic Money Institution (EMI) licence and wants to become a “super app” for the immigrants living in the Union.
All the C-Levels are actually immigrants, starting from the CEO, Harold Correa Cardona, who was born in Colombia.
The idea of creating a neobank for immigrants came from the founders’ experiences. They faced the same problems millions of foreigners living in the European Union face every day, going through a lot of red tape and being ask to provide numerous documents.
Íkualo Digital onboarding
Prospect customers need to have a passport and to live in Europe. They can then download Íkualo’s app and complete a fully digital, in-app identity verification process. The neobanks says it only takes seven minutes to pass it.
The International Expansion Plans
Íkualo will debut in Spain, offering current accounts, microloans, mortgages, and international money transfer services. The target is to acquire 50k customers in the Iberian country by the end of the first year.
Following this, the neobank will start an international expansion plan, landing in France, Portugal, Italy, Germany, and the Netherlands before June 2024. The United Kingdom should come next.
