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Monzo and Revolut Swedish rival Northmill secures £21.8M funding for geographical expansion

Heard about Northmill Bank? The Swedish rival of Monzo, Revolut and N26? If you’ve not let us tell you this cloud-based operating fintech is growing at an impressive rate, and has now scored SEK 250 million (£21.8 million approx.) funding for growth and expansion.

The capital round was led by M2 Asset Management, a Swedish investment company controlled by Rutger Arnhult, and the institutional investor and asset management firm Coeli. As per the company press release, Northmill will be using the new capital for continued geographical expansion and accelerate new products’ development.

Hikmet Ego, CEO and co-founder of Northmill Bank comments:

“We are happy to welcome such competent and experienced owners to our growing neobank. Our fantastic employees, long-term perspective, proven business model and our strong belief in technology as a driver, have created the conditions now enabling us to accelerate further. Our investors share our view that the bank of the future will be built by being receptive and developing products that really help customers improve their personal finances.”

At the same time, Rutger Arnhult, Chairman of the Board of M2 Assets Management AB comments: “Northmill Bank is already a profitable company with a proven and sustainable business model, which stands out among today’s tech investments. We have been following their journey for a while and have been impressed by the founders, as well as the company. The banking market is well on its way to change and the winners will be those who best can adapt to the new digital reality. For me, this is an investment in a tech company with long-term owners, who are just at the beginning of their journey. I see great growth potential in the bank.”

Northmill Bank received a Swedish banking license in September 2019, and currently offers savings, credits, payments and insurances. The neobank just launched its third savings account, and plans to launch many exciting products during this year. 

Expand to Norway

Northmill reveals that next up is an expansion to Norway with the product Reduce, which has already helped thousands of Swedes to lower their interest rates on part-payments, private loans and installments.

Hikmet Ego, CEO and co-founder of Northmill Bank comments:

“When we now start to see a shift in banking towards smarter and more customer-oriented products, driven by customers’ changing demands and behaviors, we as Sweden’s only completely cloud-based bank see great opportunities to meet the new demands and be a positive driver for better banking services for all.”

The post Monzo and Revolut Swedish rival Northmill secures £21.8M funding for geographical expansion appeared first on UKTN (UK Tech News).

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