“Can a 2008-vintage Icelandic cloud accounting vendor hold the local SMB back-office market as it folds into a larger Nordic accounting group (Finago)?”
Regla is an Icelandic cloud accounting incumbent — founded in 2008 and majority owned by Hawk Infinity AS — selling a full-stack SMB business suite (ledger, payroll, POS, projects, subscriptions, procurement, housing-association, approvals, e-commerce connectors) to Icelandic businesses. Its embedded finance footprint is narrow and inward-facing: direct Icelandic bank connectivity via B2BWS for statement retrieval and payment requests, electronic invoicing and VAT filing to Skatturinn, and Shopify/WooCommerce connectors on the sales side. In 2026 Finago signed to acquire 100% of Regla, consolidating it into a larger Nordic accounting group.
Regla's payroll is powered by Regla Launakerfi (in-house).
The Embedded Finance Index 2026 maps 2 layers in Regla's stack: Payroll (Regla Launakerfi (in-house)); Spend / AP (Regla Samþykktarkerfi (in-house) and Regla Innkaupakerfi (in-house)).
Regla is founded in 2008 and headquartered in Suðurlandsbraut 50, 108 Reykjavík, Iceland.
Get a read on where your own stack stands against Regla and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.