Arion bank discontinues support for Startup Reykjavik

The main supporter of Startup Reykjavik, and investor in all the Startup Reykjavik companies, Arion Bank, is discontinuing support for the accelerator. Vísir reports, based on sources from inside the bank, which comments to Vísir that the issue is under consideration within the bank.

The program, which is owned by the bank, and operated by Icelandic Startups since it started in 2012, has been a mainstay in the Icelandic ecosystem. This decision follows a round of layoffs in the bank, following bad financial results in recent quarters.

Salóme Guðmundsdóttir, CEO of Icelandic Startups, confirms these news: “Startup Reykjavik in its current form will not continue, but the brand and possibility of using it is still there. We’ve known of this possibility for some time, and are thankful for our partnership with the bank.”

“As for Icelandic Startups, we have several very exciting and promising plans in the works that we can’t announce just yet.”