Straumur
“Can Straumur become the dominant full-stack payment infrastructure for Icelandic merchants by building on Adyen's global acquiring rails while offering locally-tailored POS, e-commerce, and subscription products?”
Straumur was established in 2022 as a direct result of Kvika Bank acquiring merchant-acquiring assets from Valitor (which merged with Rapyd). It inherited a portfolio of ~1,700 merchants and approximately 25% of all payment volume in Iceland. The company is now repositioning itself as a full-stack Icelandic payment provider — combining POS terminals, hosted/embedded e-commerce checkout, and recurring billing — powered by Adyen as the underlying acquiring bank. The embedded finance angle is primarily as a payment facilitator/aggregator for Icelandic SMBs, not as a BaaS or lending provider.