The takeover of part of the operations of Rapyd Europe Ltd. by Síminn Pay ehf.

The parties to the merger are Síminn Pay ehf. and Rapyd Europe hf. The transaction involves the acquisition by Síminn Pay of Rapyd's card loan portfolio. The relevant markets for the purposes of the merger are the market for payment solutions and the market for consumer loans. The market for payment solutions consists of consumer loans for financing the purchase of goods and services. Furthermore, it may include any type of short-term loan granted to individuals, such as overdrafts, credit card loans (payment spread) and other short-term loans such as those provided by the merger parties, the three commercial banks, and other companies operating in the same market as the merger parties.

Upon examination of the case and based on the available evidence, nothing indicated that the parties' market share would be so high that a dominant position would be created or strengthened by the merger. The three commercial banks provide the merging parties with a certain degree of competitive restraint, and the market strength of Kvika, which operates Netgíró and Aur, is considerable and should continue to provide significant competition to the combined company of Síminn Pay and Rapyd's card loans. On this basis, the Competition Authority does not consider there to be grounds to take action in relation to this merger.