Adyen Expands Reach to Icelandic Market through Collaboration with Straumur

by Tareq Sikder
  • Serving 1,700 merchants, Straumur facilitates transactions through in-person, e-commerce, and app channels.
  • In this collaboration, Adyen takes on the role of the card acquiring bank.
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Adyen, a global financial platform, is entering into a partnership with Straumur, a subsidiary of Kvika, which operates as a payment provider in various sectors of the Icelandic market, including grocery stores, restaurants, pharmacies, and gas stations. Currently, Straumur processes around 25% of payments in Iceland and serves 1700 merchants through in-person payments, e-commerce, and apps.

Adyen as Card Acquiring Bank for Straumur

As part of this collaboration, Adyen will act as the card acquiring bank for Straumur's operations. The partnership aims to simplify and enhance payment processes for Straumur's merchants and end-consumers. Adyen's role involves consolidating payment data from all sales channels, markets, and consumers onto a unified platform.

Tobias Lindh, Managing Director, Adyen Nordics & Baltics
Tobias Lindh, Managing Director, Adyen Nordics & Baltics, Source: LinkedIn

“At Adyen we pride ourselves in working with partners that push the world of payments forward. That’s why we’re excited to enter the Icelandic market and partner with Straumur as their acquiring bank. Their local payment processing offering combined with our financial technology platform will ensure easier, safer and more seamless payments for consumers all over Iceland,” says Tobias Lindh, the Managing Director, Adyen Nordics & Baltics.

The integration allows Straumur to leverage Adyen's Unified Commerce function, leading to improved customer insights, journeys, and experiences across various consumer channels for commerce.

“At Straumur, we are committed to offering outstanding payment solutions for our customers. Our approach goes beyond traditional payment processing – we see ourselves as partners with our customers and want to help them grow. This collaboration with a new, powerful transaction acquirer enables us to boost our technical capacity and significantly widen the range of services we offer," says Lilja Ólafsdóttir, the Managing Director of Straumur.

Adyen to Serve as Acquiring Bank for Klarna

Earlier, Finance Magnates reported that Adyen expanded its decade-long partnership with Klarna, an AI-powered global payments network, to simplify payments globally. Adyen will serve as the acquiring bank for Klarna's consumer payment offerings in Europe, North America, and Asia starting in 2024.

This collaboration aims to enhance the payment experience for Klarna's 150 million consumers and 500,000 merchant partners. Klarna's options, such as interest-free installment plans, will benefit from Adyen's acquiring capabilities. Adyen, despite a 5-fold revenue drop in H1 2023, reported a higher net income of $283.17 million. The partnership is expected to elevate the standard of global payments and consumer experiences.

Adyen, a global financial platform, is entering into a partnership with Straumur, a subsidiary of Kvika, which operates as a payment provider in various sectors of the Icelandic market, including grocery stores, restaurants, pharmacies, and gas stations. Currently, Straumur processes around 25% of payments in Iceland and serves 1700 merchants through in-person payments, e-commerce, and apps.

Adyen as Card Acquiring Bank for Straumur

As part of this collaboration, Adyen will act as the card acquiring bank for Straumur's operations. The partnership aims to simplify and enhance payment processes for Straumur's merchants and end-consumers. Adyen's role involves consolidating payment data from all sales channels, markets, and consumers onto a unified platform.

Tobias Lindh, Managing Director, Adyen Nordics & Baltics
Tobias Lindh, Managing Director, Adyen Nordics & Baltics, Source: LinkedIn

“At Adyen we pride ourselves in working with partners that push the world of payments forward. That’s why we’re excited to enter the Icelandic market and partner with Straumur as their acquiring bank. Their local payment processing offering combined with our financial technology platform will ensure easier, safer and more seamless payments for consumers all over Iceland,” says Tobias Lindh, the Managing Director, Adyen Nordics & Baltics.

The integration allows Straumur to leverage Adyen's Unified Commerce function, leading to improved customer insights, journeys, and experiences across various consumer channels for commerce.

“At Straumur, we are committed to offering outstanding payment solutions for our customers. Our approach goes beyond traditional payment processing – we see ourselves as partners with our customers and want to help them grow. This collaboration with a new, powerful transaction acquirer enables us to boost our technical capacity and significantly widen the range of services we offer," says Lilja Ólafsdóttir, the Managing Director of Straumur.

Adyen to Serve as Acquiring Bank for Klarna

Earlier, Finance Magnates reported that Adyen expanded its decade-long partnership with Klarna, an AI-powered global payments network, to simplify payments globally. Adyen will serve as the acquiring bank for Klarna's consumer payment offerings in Europe, North America, and Asia starting in 2024.

This collaboration aims to enhance the payment experience for Klarna's 150 million consumers and 500,000 merchant partners. Klarna's options, such as interest-free installment plans, will benefit from Adyen's acquiring capabilities. Adyen, despite a 5-fold revenue drop in H1 2023, reported a higher net income of $283.17 million. The partnership is expected to elevate the standard of global payments and consumer experiences.

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