Payday, the Icelandic cloud accounting and payroll software company was acquired by Visma, a European software provider. The acquisition is Visma’s first market entry in Iceland, having already established themselves in the Nordic region. Their ambition is to establish Payday as the leading player in the Icelandic market.
Payday has grown rapidly since its inception in 2017, with its software aimed at making accounting easier for small businesses. The platform integrates directly with a range of Icelandic banks, the Icelandic tax office, and platforms like WooCommerce and Shopify.
“From the very first day, our primary objective has been to reduce our customers’ administrative trouble. They have rewarded us with invaluable feedback as well as recommending Payday to their colleagues, further contributing to our growth. This continuous improvement process is entering a new and exciting chapter, as we join the strong Visma family,” says Björn Hr Björnsson, founder and CEO of Payday.
Payday’s product roadmap includes Payday Payments, AI utilization in expense management and reconciliations, new integrations, and features that aim to expand the potential market of the platform.
“The Payday team has developed an extraordinary product with top-class functions and capabilities, making it easy to see why they are winning over more and more customers,” says Nebojsha Mihajlovski, Executive Chairman at Visma-owned PowerOffice, and incoming Chairman of Payday.
Payday will continue to operate as an independent company, under the same management.