Northmill Bank

What Northmill Bank does

Northmill Bank is a Stockholm-headquartered, fully licensed Swedish digital challenger bank founded in 2006 that operates across Sweden, Norway, and Finland and is preparing for broader EU expansion. The bank serves roughly 245,000 retail consumers and approximately 5,000 business customers through a mobile-first app with BankID authentication and digital onboarding, supported by an engineering hub in Silesia, Poland. The technology stack is built on React Native for platform-agnostic client apps, AWS cloud infrastructure, an event-driven microservices architecture, Snowflake data cloud with Fivetran and Matillion pipelines, ThoughtSpot for conversion analytics, and Tink for open banking aggregation.

The bank's product suite spans both consumer and business banking. Consumer offerings include a fee-free debit card (Bankkort) with a 139 SEK/month Premium tier, revolving credit lines (Kontokredit) up to 50,000 SEK, debt consolidation loans (Samlingslån) up to 300,000 SEK, mortgages (Bolån) at 3.95–12.95% variable, savings accounts (Sparkonto) with fixed terms up to 2.90%, and BNP Paribas Cardif-distributed insurance. Business offerings include loans from 25,000 SEK up to 200 million SEK, business accounts, Swish payment integration, and the Flopay POS and payment terminal product line (originating from the 2022 MoreFlo acquisition, now the Northmill Flo subsidiary). Revenue is generated primarily through net interest income on lending (consumer credits at 7.90–21.90% APR, mortgages, and business loans), Visa transaction fees, Premium subscription fees, POS and merchant transaction fees, and insurance distribution commissions. Northmill has been profitable every year since founding and reported record 2025 earnings before tax of 224 MSEK (+56% YoY) on a total lending portfolio of 5,561 MSEK (+30% YoY), with the B2B segment growing 357% to 964 MSEK.

Name

Northmill Bank

Legal name

Northmill Bank AB

Website

https://northmill.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

Northmill Bank is a Swedish licensed digital challenger bank offering consumer and business banking products including debit cards, credit, mortgages, savings, insurance, and POS/payment solutions to roughly 245,000 retail and 5,000 business customers across Sweden, Norway, and Finland.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Credit Card Issuing (52221), Sales Financing (52222)

SIC

National Commercial Banks (6021), State Commercial Banks (6022), Personal Credit Institutions (6141)

akta.pro primary industry

Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)

akta.pro secondary industries

BNPL Card / Virtual Card Programs (FSAKACAC), BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)

Keywords

• Retail banking services
• Consumer lending
• Digital banking
• Neobank platform
• Payment processing

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net Interest Income: Northmill Bank generates primary revenue through net interest income from lending products including consumer credits (7.90-21.90% APR), mortgage loans (3.95-12.95% variable rate), and business loans up to 200M SEK. The interest rate spread between lending rates offered to customers and funding costs constitutes the core revenue stream.
2. Transaction Fees: As a card-issuing bank, Northmill receives a small share of transaction fees from card purchases processed through Visa. This fee is earned on every card transaction, making it a high-frequency, volume-based revenue stream.
3. Premium Subscription: Northmill offers Premium tier at 139 SEK/month (999 SEK/year with annual billing) providing cashback up to 1%, unlimited lounge access with 4 free visits per year, enhanced travel insurance, and always 0 SEK in currency markup and withdrawal fees.
4. Business Payment Solutions: Merchant services including POS systems, payment terminals, and Swish business solutions. Revenue from transaction fees on business payment processing, cash register systems, and integrated payment solutions for merchants.
5. Insurance Distribution: Northmill distributes insurance products (credit protection, loan protection, expense protection) in partnership with BNP Paribas Cardif, earning distribution fees on monthly premiums.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels8 records

Core offering

Northmill Bank is a Swedish digital challenger bank that provides fee-free banking, savings accounts, consumer credit lines, debt consolidation loans, mortgages, and insurance to retail customers, alongside business loans, business accounts, POS systems, payment terminals, and Swish payment services for SMEs and merchants. All products are delivered through a mobile-first app with BankID authentication, an AWS cloud-native platform, and Visa card rails, with full coverage under the Swedish deposit guarantee.

Product overview

Northmill Bank is a Swedish digital challenger bank offering a unified platform with multiple integrated products for both consumers (B2C) and businesses (B2B). Consumer offerings include fee-free debit cards (Bankkort) with a Premium tier upgrade, personal loans and credit lines (Kontokredit, Samlingslån), mortgages (Bolån), savings accounts (Sparkonto), insurance products (Försäkring), and a pay-later feature. Business offerings span SME and large business loans (Företagslån), business accounts (Företagskonto), POS systems branded Flopay (Apple/Windows/ mobile POS Flex), standalone payment terminals, and Swish payment services. The company also operates subsidiary brands including Northmill Flo (B2B payments from Moreflo acquisition), Credigo, and Easycredit (legacy lending products). All products are accessible through a mobile app with BankID authentication.

Differentiator

Problem solved

Functional benefit

Brands

• Northmill Flo: POS payment solutions, cash register systems (Flopay), and payment terminal services for merchants, formerly known as Moreflo
• Easycredit
• Credigo
• Flopay

Products and services

• Bankkort (Debit Card) A fee-free debit card with no withdrawal fees, currency markups, or annual fees, linked to a personal account paying 1.00% savings interest and offering a 101 SEK welcome bonus plus travel insurance for new customers.
• Kontokredit (Credit Line) A flexible revolving credit line of up to 50,000 SEK where customers pay only for what they use, including 1 month of free insurance and a 7.90%-21.90% interest range based on individual credit assessment.
• Samlingslån (Debt Consolidation Loan) A consolidation loan up to 300,000 SEK that pays off existing debts from multiple lenders and consolidates them into a single loan with a guaranteed reduced interest rate and one monthly payment.
• Bolån (Mortgage) A mortgage product enabling customers to expand existing mortgages, consolidate loans and credits into a mortgage, or transfer mortgages from other banks, with variable rates from 3.95% to 12.95% based on individual assessment.
• Sparkonto (Savings Account) A savings account available as variable rate (1.80%) or fixed-rate terms of 3 months (2.40%), 6 months (2.55%), 12 months (2.75%), and 24 months (2.90%), all covered by the Swedish state deposit guarantee up to 1,150,000 SEK.
• Försäkring (Insurance) Insurance products including expense protection (for disability and unemployment), credit protection (for credit line holders), and loan protection (for consolidation loan holders), underwritten by BNP Paribas Cardif.
• Företagslån (Business Loans) Business loans ranging from 25,000 SEK up to 1 million SEK for small businesses and up to 200 million SEK for larger enterprises, with no cost to maintain the credit as a buffer, payment only on amount used, and funds disbursed within 24 hours.
• Företagskonto (Business Account)

Quantifiable outcome

• 56% increase in earnings before tax (224 MSEK in 2025 vs 144 MSEK in 2024)
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature8 records

Partnerships

Twelve partnerships are on record, tiered minor, core and major.

• Mamma UnitedminorGTM or Marketing Partner · 10 June 2026Partnership with non-profit association Mamma United as part of bank's vision to improve people's financial lives. Community support initiative.
• FortnoxcoreTechnology or Integration · 27 May 2025Northmill Bank and Fortnox partnership celebrating 500 newly started Swedish companies together. Integration with Fortnox accounting software for automated bookkeeping through Flopay POS systems.
• NyföretagarCentrumcoreGTM or Marketing Partner · 2 May 2025New partnership to make it easier to start businesses in Sweden, with special focus on women and immigrant entrepreneurs. Northmill provides financial solutions for new entrepreneurs.
• Småföretagarnas RiksförbundcoreGTM or Marketing Partner · 5 September 2024Partnership to support Sweden's small business owners with favorable financial solutions. Banks association with small business focus.
• FinaromajorTechnology or Integration · 24 March 2023Partnership with Finaro, Mastercard, Northmill, and NMI to pioneer first Cloud Commerce deployment in Europe, enabling contactless payments via smartphones.
• MastercardmajorTechnology or Integration · 24 March 2023Partnership to pioneer first Cloud Commerce deployment in Europe. Northmill received Visa Principal license enabling card issuance and innovative features.
• Swedish Women's Football AssociationminorGTM or Marketing Partner · 8 March 2021Power of We initiative supporting women's football in Sweden's divisions 1 to 5, starting with 32 clubs. Community engagement and brand building.
• TinkcoreTechnology or Integration · 20 November 2020Open banking platform partnership enabling account aggregation technology integration into Northmill app for seamless and relevant customer experience.
• Amazon Web Services (AWS)coreTechnology or Integration · 23 September 2020AWS partnership for cloud-only neobank infrastructure, enhancing scalability, security, and agility for cloud-based banking services.
• BNP Paribas CardifcoreStrategic or Co-development Partner · 1 January 2020Insurance partner for credit protection, loan protection, and expense protection products. BNP Paribas Cardif provides insurance expertise and stability for Northmill's insurance offerings.
• ZmartaminorGTM or Marketing Partner · 8 October 2018Partnership with Zmarta to offer transparent financial products, enhancing user experience and access to fair services.
• TrustlycoreTechnology or Integration · 7 June 2018Trustly collaboration to simplify credit process and enable real-time payments for 200,000 users. Direct Swish participation partnership.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• N26: German-licensed pan-European neobank offering consumer banking, cards, and savings across EU markets. Direct competitor as a digital-first bank with full banking license serving EU consumers with similar fee-light product positioning.
• Revolut: UK-headquartered global neobank operating across the Nordics with multi-currency accounts, cards, and payment services. Comparable digital-first challenger model targeting similar retail and SMB customers in overlapping geographies.
• Starling Bank: UK challenger bank offering consumer and SME banking with a full banking license. Comparable model: digital-first, profitable neobank serving retail and SMB customers with integrated accounts, lending, and payment products.
• Bunq: Dutch-licensed pan-European neobank offering multi-currency accounts, business banking, and payment solutions. Comparable as a fully licensed digital bank expanding across EU with consumer and business banking focus.
• Klarna: Swedish-headquartered fintech and BNPL provider that has expanded into broader banking. Directly comparable as a Nordic challenger targeting consumers with digital-first payment and credit products, with overlapping customer base in Sweden.
• Lunar: Danish neobank with full banking license offering consumer and business banking across the Nordics. Closely comparable Nordic challenger bank with similar product mix (cards, accounts, lending) and target segments.
• Collector Bank: Swedish challenger bank offering consumer credit, savings, and payment services. Direct Nordic competitor with similar customer base and credit-led product positioning in the Swedish market.

Broad incumbents

• SEB: One of Sweden's major incumbent banks offering comprehensive retail, business, and investment banking. Represents the established competitor with deeper balance sheet and broader product set against which Northmill competes for primary banking relationships.
• Swedbank: Sweden's largest retail bank with dominant market share in deposits, mortgages, and SMB banking. Key incumbent competitor for Northmill's consumer and SME customer base in Sweden and the Baltics.

Others

• Trustly: Swedish open banking payments platform and a Northmill technology partner. Comparable as a Swedish fintech operating in the payments space with overlapping Nordics focus, though primarily B2B infrastructure rather than consumer banking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/northmill.se
• LinkedInlinkedin.com/company/northmill-ab
• Instagraminstagram.com/northmill_se
• Xx.com/northmill_int

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Northmill Bank