Swedish digital bank Northmill raises $30m for European expansion

Swedish digital bank Northmill has raised SEK250 million (about $30 million) to fuel its expansion across Europe.

The round, led by M2 Asset Management and Coeli, will be used to help Northmill Bank get established in 10 European markets by 2023.

Northmill was granted a banking licence by Sweden’s financial regulator in 2019 and has since begun offering saving, credit, payments and insurance products.

Its first move outside of its home market will be into Norway, beginning with a product called Reduce, designed to help customers lower their interest rates on part-payments, private loans and instalments.

Hikmet Ego, CEO, Northmill, says: “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.”