Bifröst University was founded in 1918 in Iceland's capital Reykjavik. From the beginning, the university's mission was to educate leaders for business and society. In 1955, the university was moved 110 kilometers north, to Borgarfjörður. In 1988 it was accredited university, initially in Business, then since 2002 in Law, and since 2005 in Social Sciences.

Today, Bifröst University is a private, self-governing, non-profit institution, financed by the Icelandic government (40%), another 40% comes from tuition fees and 20% from other sources. Among the university's alumni are many prominent entrepreneurs, as well as business and political leaders, including Halldór Ásgrímsson - Prime Minister of Iceland (2004-2006).

Numerous undergraduate students from Bifröst spend one or more semesters studying at partner universities in America, Asia and continental Europe. And Bifröst University itself has been a leader in distance learning using digital techniques for more than 20 years.

Bifröst University hosts many independent research centers, such as the Center for European Studies, the Center for Retail Studies and The Cultural Research Centre. In addition, the university has carried out numerous research projects funded by the Icelandic Research Council or the European Union Framework Programs. Bifröst University has participated in academic initiatives such as COST, The Northern Periphery Program and ERASMUS. Within the framework of the latter program, Bifröst University has been cooperating with the Faculty of Economics, UMCS since 2018.

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