Iceland’s first corporate neobank.
The financial operating
system for Icelandic
companies.
Banking, cards, invoicing, bills and contracts in one place. An AI core reads all of it and tells you what is about to happen to your cash.
The problem
An Icelandic company's money lives in five systems that never speak.
The bank knows the balance. Accounting knows the invoices. The card provider knows what got spent. Nobody holds all three at once.
The thesis
Iceland has no corporate neobank. Every comparable market does.
Mercury figures from its May 2026 Series D and February 2026 annual letter. This is evidence the category works, not a forecast for Iceland. The market here is far smaller and our case rests on share rather than scale.
Product
One account, the whole financial stack.
The core
Nobody else holds all the inputs at once.
Card spend, invoices out, bills in, payroll and contract terms land in one system. So do the balances, from every bank the company uses, not just ours. That is what the model needs. Hold one of those pieces and none of what follows is possible. Change something below and watch the projection move.
Why now
The three things this needs all arrived at once.
The electronic-ID requirement is from Skatturinn (RSK). The card-rails point describes Quickstart's own arrangements and should be phrased in whatever terms are already agreed.
How we acquire
We own the moment the company is born.
Every neobank fights over customers who already bank somewhere else. In Iceland we get to them before that choice exists. Quickstart Warehouse holds pre-registered companies, so founding one and opening the account happen in the same step.
The founder gets a registered ehf. holding 359,500 ISK in cash, after the company pays the 140,500 RSK fee out of its own capital. That fee is the company's expense, not Quickstart margin. What Quickstart carries is 500,000 per unsold company sitting in the warehouse. That float is why it leads the ask.
Market
Two ways in.
New companies, where we get to them first. And the tens of thousands already trading, who can connect the accounts they already have without moving anything.
Base of 30,000 registered Icelandic businesses and roughly 3,400 new companies a year. Hagstofa counted 3,033 new ehf. registrations in 2022 and 79,890 entities on the fyrirtækjaskrá at year end, but that total includes housing associations and non-profits. Worth pinning the exact commercially-active segment before this goes out. Revenue follows the per-company assumptions set on the business model slide.
Beyond Iceland
Iceland is the proving ground, not the market.
The operating system gets built once. Iceland is where it gets proven, because it has the worst incorporation friction in the region and the smallest surface to serve.
Counts derived from the Nordic Statistics Database: just over 1.6 million registered enterprises across the Nordics in 2022, of which Iceland is 2%. Minimum share capital is each market’s current statutory floor.
The AI core, the product and the partner-bank architecture travel intact. Aggregation travels on day one, because Enable Banking already reaches 2,700 banks across 30 European countries. What is local is bounded: a registry integration, a banking partner, a currency. The wedge is sharpest in Iceland because the friction is worst here. Elsewhere the product has to carry more of the acquisition, which is exactly what proving it at home is for.
Business model
The account earns five ways at once.
Unit economics
What one company on the platform is worth.
Contribution over 24 months, for a company acquired through the foundation channel.
Follows the assumptions on the previous slide. A company acquired by switching carries no foundation margin and a real marketing cost, so its contribution is lower. That gap is why the foundation channel matters even though the fee itself is small.
Competition
Everyone owns a piece. Nobody owns the whole picture.
The defensible position is the join. Only a system holding the balance, the card, the invoice and the contract at once can project the cash. In Iceland only the warehouse lets us hold all four from a company's first day.
Infrastructure
Not a plan. It is running.
Accounts, cards and a credit limit at foundation go through Landsbankinn. Enable Banking connects everything the company holds at other banks. Blikk moves the money until Landsbankinn opens its web services to us.
Where we are
Seven companies are already running on it.
Quickstart is in pilot with real companies doing real bookkeeping, not a demo environment. General availability is mid-September, with the waitlist onboarding straight after.
Who is building it
Reon has built the systems the Icelandic banks run on.
Reon has a long record of building digital products, backing startups and shipping into regulated financial environments. Quickstart is the first product it is taking to market on its own account.
Where we are going
Prove it in Iceland. Then run it anywhere in the Nordics.
- Live mid-September
- Onboard the waitlist
- Foundation flow at volume
- Accounting connectors in production
- Financing and contract modules
- Deepen the AI core: projections, deadlines, anomalies
- Transfers consolidated onto Landsbankinn
- Warehouse funded to meet foundation demand
- Aggregation already reaches 30 countries
- One registry integration and one banking partner per market
- Sweden or Norway on friction and size