North East BankThe Swedish challenger, which has around 200,000 subscribers in three European countries, has raised about $ 30 million in new funding.
Koeli, a Swedish investment company and asset management firm controlled by Roud Arnholt, M2 Asset Management, is the leading round. The cash injection will be used to accelerate continued geographic expansion and development of new products. In particular, it will include plans to launch in 10 new markets as Northmill aims to step on gas. Next stop, Norway.
As it stands, the 2006-founded Northmill is available in Sweden, Norway and Finland, where it operates as a bank inconsistent with physical branches and a bank in Lunar, Revertal and Karlna (which operates in its home country of Sweden, Germany and Germany Is) competes with. ) is.
More adjacent, Another competitor is Anyfin, Which is similar to Northmill’s “lesser” product, promising to help customers consolidate their existing debt / credit and reduce their interest payments. A Northmill spokesperson explains, “Our fastest-growing product and main driver today is low, which reduces people’s interest on existing credit, part-payment and credit cards.”
Established about 15 years ago and originally operating as a credit provider, in 2019 Northmill obtained a full banking license regulated by the Swedish Financial Supervisory Authority. The bank employs 150 people and provides savings, loans, payments and insurance. More generally, it has taken a different and slower path than most of the new crop of challengers in Europe, which is less dependent on investment to promote its growth and claims to benefit from almost what it receives is.
Q Statement by Ratger Arnholt, Chairman of the Board of M2 Assets Management: “Northmill Bank is already a profitable company with a proven and sustainable business model, one of today’s technological investments. We have been following his journey for some time and have been influenced by the founders as well as the company. The banking market is well on its way to change and the winners will be the ones who can best adapt to the new digital reality. For me, this is an investment in a technology company with long-term owners, who are just at the beginning of their journey. I see great growth potential in the bank. “