Swedish bank Nothmill has announced its plans to expand across the EU, as the bank currently operates in Sweden, Norway, and Finland, reporting quarterly pre-tax profits of USD 5.1 million.
The retail and business bank, which currently operates in Nordic markets, now plans to expand across Europe. The bank was founded in 2006 and secured a full banking licence in 2019, regulated by the Swedish Financial Supervisory Authority. In 2021, the bank raised USD 30 million in funding, with the financial resources invested to facilitate geographical expansion and accelerate the development of innovative new products specifically tailored to optimise customer experience and needs.
According to the company’s recent data, the financial institution serves around 140.000 retail and 4.000 business customers. Northmill is backed by M2 Asset Management, the Swedish investment company, and the asset management firm Coeli. Additionally, in its Q2 earnings, the bank highlights pre-tax profits of USD 5.1 million, which were helped by customer card growth, with more than 140.000 holders. Northmill provides a suite of financial services, including savings, credit, payments, and insurance.
Integration of AI technology
Regarding technology, the bank's CEO mentioned that the firm is using AI in various areas: the IT department employs an AI coding assistant called Cursor, marketing uses an AI SEO tool, AI is leveraged to automate credit decisions, and AI is also used as a customer service support tool.
Nordic banking industry
Looking at the broader picture, the Nordic banking sector is expected to see an increase in net interest income, with a projected value of USD 106.17 billion by 2025. Furthermore, Sweden’s banking market has embraced digitalization, with mobile banking apps becoming the preferred choice for consumers. As a result, Northmill's expansion is a direct response to these trends.
