22. March 2021
Kvika has today completed the acquisition of 100% shares in Aur app ehf. Previous shareholders included Nova hf., with just over 50% shareholding, Borgun hf., Social ehf. and Aur’s CEO Sverir Hreiðarsson. Following the acquisition, the bank will be the sole owner of the company.
Aur was established in 2015, offering simple and swift payment services and has in a short period of time built an extensive client base. At the end of February, Aur had 90 thousand active users. The company has been a leading fintech player in Iceland with its mobile payments and innovative approach to consumer lending The acquisition of Aur is an important step in Kvika’s policy of utilising technological solutions to modernize financial services. The bank expects that Aur, together with Netgíró hf. and the fintech service Auður will play a key role in the bank’s fintech services going forward.
The acquisition is expected to have an insignificant effect on the year's results.
Marinó Örn Tryggvason, Kvika‘s CEO:
„Kvika is in a unique position. Aur‘s market share is substantial and the company possesses interesting technical solutions. The acquisition of Aur will further increase the company‘s ability to compete with other financial institutions. There are exciting times ahead. “
Sverrir Hreiðarsson, Aur´s MD:
„It is exciting to be a part of Kvika´s fintech strategy. The bank´s aim is to modernise and simplify financial services which is exactly what Aur is all about. We feel that we are a great fit for Kvika. Close to a quarter of the Icelandic population is an active user of the Aur app, reflecting the increased demand for simpler and more advanced financial solutions. As part of the Kvika group, the Aur team aims to create new and interesting services for its clients.