Northmill Bank raises USD 30 mln in funding

Thursday 11 February 2021 10:56 CET | News

Sweden-based challenger Northmill Bank has raised around USD 30 million in new funding.

Leading the round is M2 Asset Management, the Swedish investment company, and asset management firm Coeli. The injection of cash will be used for geographical expansion and to accelerate the development of new products. Notably, this will include plans to launch in 10 new markets.

As it stands, 2006-founded Northmill is available in Sweden, Norway and Finland, where it competes with incumbent banks with physical branches and with digital banks too. Originally operating as a credit provider, in 2019 Northmill secured a full banking license, regulated by the Swedish Financial Supervisory Authority. The bank offers savings, credits, payments, and insurances.

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Keywords: Northmill Bank, fuding, Sweden, incumbent banks, banking license, digital banking
Categories: Banking & Fintech
Countries: Europe
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Banking & Fintech

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