Borgun

What Borgun does

Borgun, now operating as Teya, is an Icelandic payment processing company headquartered in Reykjavík (Katrínartún 4) that provides electronic payment solutions to small and medium-sized businesses across Iceland and Europe. Founded per firmographic records in 1980 and operating under the legal entity Teya Iceland hf. (kt. 440686-1259), the company rebranded from Borgun to Teya in 2019 as part of a strategic shift from being a traditional domestic payment processor to offering a broader financial operating system for businesses. The operating entity is licensed as a lending company by the Financial Supervisory Authority of the Central Bank of Iceland (Fjármálaeftirliti Seðlabanka Íslands), a regulated status that constitutes a meaningful entry barrier in the home market.

The company's core product surface spans physical POS terminals for in-person card acceptance, an online payment gateway integrated with multiple webshop engines, Tap to Pay functionality on both Android and iPhone (enabling NFC contactless acceptance on existing smartphones without dedicated hardware), and the Teya mobile app, which provides real-time sales monitoring, transaction viewing, settlement reports, invoice retrieval, and refund processing. The platform exposes a documented public API (docs.teya.com) and advertises 50+ third-party integrations, including cash register system connectivity and webshop engine compatibility. Borgun/Teya also offers Teya Funding, a merchant cash advance product that provides upfront working capital against future card receipts.

The revenue model is built on three streams: transaction-based payment processing fees on POS, cash register, and online card payments; POS terminal hardware sales or rentals billed monthly per a published price list; and managed services revenue from Teya Funding financing. Settlement to merchants occurs the next business day, supported by 24/7 customer service and a multi-language platform (ten European languages). Distribution combines direct sales for enterprise accounts with self-serve online onboarding for SMBs; named customer logos include IKEA Iceland (retail, since Nov 2023), Blue Car Rental (automotive rental, since Jan 2021), and Útilíf (tourism/outdoor, since Jul 2024).

Name

Borgun

Legal name

Teya Services Ltd. / Teya Iceland hf.

Website

https://borgun.is

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

Borgun, operating as Teya, is an Icelandic payment processor providing POS terminals, online payment gateways, Tap to Pay functionality, and merchant financing to SMBs across Iceland and Europe, licensed as a lending company by Iceland's Financial Supervisory Authority.

Ownership category

akta.pro rank

Product category

Payment Processing Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Sales Financing (52222)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Merchant Acquiring & Processing Platforms (BPAMAFAB)

akta.pro secondary industries

Card-Present Acquirers (Retail & POS Focus) (FSAMABAC), Merchant Acquiring & Card Processing (PSPs) (CRAFALAB), Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA)

Keywords

• Payment processing services
• POS terminal solutions
• Online payment gateway
• Merchant cash advance
• Card payment acceptance

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Payment Processing Services: Transaction-based payment processing fees for POS terminal payments, cash register system payments, and online payments. Settlement occurs the next business day.
2. POS Terminal Hardware: Sale or rental of physical payment terminals to merchants
3. Pre-funding Financing: Teya Funding provides advance financing to merchants against future card receipts

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Borgun (operating as Teya) provides merchant payment acceptance through physical POS terminals, an online payment gateway for webshops, contactless Tap to Pay solutions on Android and iPhone, and a mobile business management app for real-time sales analytics and settlement monitoring. The company also offers merchant financing (Teya Funding) providing upfront capital based on transaction history, alongside 50+ third-party platform integrations via developer APIs.

Product overview

Teya offers a unified payment acceptance platform consisting of physical POS terminals for in-person card payments, an online payment gateway for e-commerce transactions, and mobile Tap to Pay functionality for both Android and iPhone devices. The ecosystem is complemented by the Teya business management app that provides real-time analytics, transaction monitoring, and reconciliation features. The company also offers merchant financing through Teya Funding. All products share a unified dashboard and settlement system with 50+ platform integrations for POS and online payments.

Differentiator

Problem solved

Functional benefit

Products and services

• Teya POS Terminals (Posar) Physical card payment terminals for in-person transactions, supporting contactless, chip, and swipe payments with next-business-day settlement, sold or rented to merchants on a monthly fee basis.
• Online Payments (Netgreiðslur) Online payment gateway for e-commerce websites, enabling fast and secure card transactions through integration with webshop platforms, available as a bundled package with physical POS terminals.
• Tap to Pay on Android Contactless payment acceptance capability allowing merchants to use Android devices as payment terminals without additional hardware.
• Tap to Pay on iPhone Contactless payment acceptance capability enabling merchants to accept payments directly through iPhone using NFC technology without additional hardware.
• Teya App Mobile application for business management providing real-time sales analytics, transaction monitoring, settlement reports, invoice retrieval, and refund processing for merchants.
• Teya Funding Merchant cash advance and financing solution providing upfront capital based on transaction history, enabling business growth and liquidity for merchants.

Quantifiable outcome

• Next business day settlement for improved cash flow management
• +1 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature7 records

Partnerships

Three partnerships are on record, tiered minor and core.

• ÚtilífminorStrategic or Co-development Partner · 1 July 2024Partnership since July 2024. Útilíf uses Teya's payment solutions to provide outstanding customer service with powerful payment infrastructure.
• IKEA IcelandcoreStrategic or Co-development Partner · 1 November 2023IKEA Iceland partnership since November 2023. Teya provides payment solutions for IKEA's retail operations in Iceland. Featured prominently as a key customer partner on Teya's website.
• Blue Car RentalcoreStrategic or Co-development Partner · 1 January 2021Partnership since January 2021. Blue Car Rental uses Teya's payment processing solutions. They have worked closely with Teya to optimize the payment process for better security, efficiency, and user experience.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Worldline: Major European payment processor offering merchant acquiring, POS terminals, and online payment services across multiple EEA markets, comparable to Teya on geographic footprint and product breadth.
• Adyen: Large European-headquartered PSP serving enterprise and SMB merchants with unified online and in-person acquiring, competing with Teya in the broader Nordic and EU merchant acquiring market.
• Block (Square): Owner of Square, a global SMB payments and POS platform with hardware, software, and Square Banking/lending, broadly comparable to Teya's full-stack SMB financial operating system vision.
• Nexi Group (incl. Nets): Pan-European payments incumbent with Nordic roots through Nets; competes with Teya in Nordic merchant acquiring, POS terminals, and online payments for SMB and enterprise merchants.
• Stripe: Global payments platform whose Stripe Terminal, online checkout, and Connect products overlap heavily with Teya's POS and online gateway offerings, with far greater scale and engineering depth.

Emerging players

• Rapyd: Fintech-as-a-service platform providing payment acceptance, acquiring, and embedded finance APIs across Europe and globally, partially overlapping with Teya's online gateway and merchant financing products.
• Pleo: European SMB-focused fintech combining company cards, expense management, and bill payments with embedded payments infrastructure, comparable in target customer and platform-style upsell motion to Teya.

Direct peers

• Mollie: European SMB-focused payment service provider offering multi-method online checkout and POS terminals across multiple countries, comparable to Teya's European SMB acquiring ambitions.
• SumUp: European-headquartered SMB payment processor offering POS terminals, Tap to Pay, online checkout, and merchant financing. Closest direct competitor to Teya across the same European SMB merchant segment.
• Zettle by PayPal: Acquired by PayPal, Zettle sells card readers, POS software, and online payments to SMBs across Europe, directly competing with Teya's unified hardware-plus-software offering.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/borgun

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Borgun