A New York fintech reinventing the rental deposit. Instead of locking up thousands in cash, renters pay a small monthly fee — while landlords keep the same security. Backed by over $10M in venture funding.
standby.ioElvar Þormar (Elvar Thormar) — Entrepreneur, Technologist & Investor
Entrepreneur · Technologist · Investor
Two decades of
building
what's next.
I'm Elvar Thormar — an innovator at heart who builds digital products and the companies behind them. Co-founder & CEO of Standby Deposits, and founder of Reon.
Currently building Standby Deposits
About
A builder at the intersection of engineering and business.
For two decades I've been founding and building companies — I started my first at seventeen, back in 2005. I founded Reon, an Icelandic product and software studio, and later co-founded Standby Deposits, a New York fintech reinventing how rental deposits work. Today I split my time between Reykjavík and New York — building, investing in, and advising early-stage founders.
My background sits where engineering meets enterprise. I studied engineering management at Reykjavík University and earned a master's in industrial engineering management at the Technical University of Denmark. That blend — building things and developing them into businesses — has shaped everything since.
- Based in
- Reykjavík ⇄ New York
- Focus
- Fintech · Software · Product
What I do
Companies I've built and back.
Co-founder & CEO
Iceland's premier digital product and development agency, which I founded and led for years. Reon designs and builds purposeful digital products — from mobile apps to commerce platforms — for ambitious organisations.
reon.comReon Ventures
Board · InvestorBacking and building the next generation of Icelandic technology companies — putting capital and operating experience behind founders early in their journey.
Boards & Advisory
Board member · AdvisorI advise and sit on the board of several companies, helping founders turn early ideas into real, durable businesses.
“The best technology isn't the most complex — it's the kind that quietly removes friction from people's lives.”
Good to know
Frequently asked questions.
Who is Elvar Thormar?
Elvar Þormar (Elvar Örn Þormar) is an Icelandic entrepreneur, technologist and investor based between Reykjavík and New York — co-founder & CEO of Standby and founder of Reon.
What does he do?
He builds and invests in technology companies. He co-founded and leads Standby, a New York fintech reinventing rental deposits, and founded Reon, Iceland's premier digital product and development agency. He also advises and sits on the boards of several companies.
What is Standby?
Standby (standby.io) is a New York fintech reinventing the rental deposit — renters pay a small monthly fee instead of locking up cash, while landlords keep the same security. It's backed by over $10M in venture funding.
What is Reon?
Reon (reon.com) is Iceland's premier digital product and development agency, which Elvar founded and led — designing and building digital products for ambitious organisations.