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Sweden-based digital bank Northmill raises $30M

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Northmill Bank

Northmill Bank is a challenger located in Sweden which has 200k customers across three European countries. It has raised over $30 million.

The principal in the round is M2 Asset Management, a Swedish investment company owned by Rutger Arkhult and Coeli. The cash can be utilized to increase the size of Northmill’s operations its geographic reach and to accelerate the creation of innovative products. This includes the plans of Northmill to introduce new products across 10 markets. The next stop is Norway.

Northmill founded in 2006, a bank is now available for customers in Sweden as well as Norway. It competes with established banks that have physical branches, like Lunar, Revolut, Klarna and other incumbent banks. Klarna is a bank that operates in Sweden as well as Germany.

Another rival is Anyfin. The product is like the Northmill “Reduce” offering. It promises to assist customers to consolidate their existing credit and loans as well as reduce the amount of interest they pay. A Northmill spokesperson states it Reduce is our most popular product, and is the primary driving force behind today’s expansion. Reduce reduces the interest charged to people on credit cards, partial payments as well as credit cards.

Northmill was established almost fifteen years ago. It was initially a credit company but in the year 2019, Northmill was granted the full bank license. It is controlled through the Swedish Financial Supervisory Authority. It employs 150 people and provides insurance as well as savings, credit as well as payments. It boasts that it is profitable and has stood up to investments since the beginning.

Rutger Arnhult (chairman of M2 Asset the board of M2 Assets): “Northmill Bank has an established method of business that’s both sustainable and profitable, making it stand out among technological investments of the present.” The M2 Assets Management team has been tracking the story of the founding team for a while time, and we’ve been amazed by their business and their business model.

The world of banking is rapidly changing, and the ones who are in adjusting to the new environment will prevail. The bank is a technology company that has long-term shareholders who are in the early phases in their development. This bank has tremendous potential to grow.

Read Also: Cider Security, A Tel Aviv Company That Helps Companies Identify Security Risks In Their DevOps Pipelines, Announces A $32 Million Series A Led By Tiger Global

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