Icelands Siminn Pay
“Can Iceland's largest telecom turn its subscriber base into a full-stack fintech ecosystem — from consumer credit cards to corporate spend management — without a banking licence?”
Founded2016
HQReykjavík, Iceland
IndustryFintech / Consumer banking
The story
Founded in 2016 as the fintech arm of Iceland's dominant telco Síminn, Síminn Pay initially focused on lifestyle super-app services (food delivery, parking). It pivoted into card issuing in 2022 by partnering with Enfuce to become Iceland's first non-financial institution to issue a Mastercard credit product. By 2024 it had expanded into the corporate/B2B segment with commercial cards, real-time expense management, and CO2 tracking — positioning itself as a full-service embedded finance product layer on top of Síminn's large existing customer base.
Last 12 months
Product timeline
2016
Síminn Pay founded as the fintech arm of Iceland's largest telecom, Síminn, to extend smart consumer services including food delivery and car parking.· pivot
2022
Partnered with Enfuce to launch Iceland's first virtual revolving credit card issued by a non-financial institution, powered by Enfuce Card-as-a-Service on Mastercard.· card
2024
Launched a new virtual commercial card programme for ~14,000 business clients, including a CO2 calculator powered by Deedster, again via Enfuce.· card
2024
Integrated Snowdrop Solutions' MRS API for advanced transaction enrichment (merchant logos, clean names, geo-mapping, smart categorisation) — Snowdrop's first Iceland customer.· banking
2024
Integrated with sESSOR for real-time corporate card expense management and accounting sync.· banking
The stack
Banking / BaaS
Card issuing
Lending
Léttkort revolving credit (5%–100% monthly repayment flexibility)Léttkaup BNPL (defer 14 days, spread up to 36 months)
Accounting
Accounting gap: minor