Sweden's Northmill gains banking licence

Sweden's Northmill gains banking licence

Swedish consumer credit institution Northmill is moving into the banking sector after being granted a licence by the country's financial regulator.

Northmill has spent two years in dialogue with the Swedish Financial Supervisory Authority on its banking licence application.

The firm says it intends to begin offering saving accounts, cards, and payments transfer to its 200,000 user base "in the near future". To commence banking operations, the firm must set aside EUR5 million as a capital buffer as a condition of the banking licence.

Margareta Lindahl, Northmill chairwoman, says : "The banking license means a great responsibility and it is gratifying to see that Sweden and its authorities foster innovation. By being technology-driven and product-oriented we are excited to be able to build a new modern customer-centric bank. Northmill has grown organically and laid a solid foundation with our current credit and insurance offerings to our 200 000 users. By being able to operate as a bank, we have the tools to take the next step and drive true positive change for the users."

Other neobanks about to set up shop in Sweden include Denmark's LunarWay and local tech company Rebtel, which has raised $8 million in funding to build a digital bank aimed at migrant workers.

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