Northmill, a Fintech based in Sweden, announced on Tuesday the launch of its savings accounts with deposit insurance, called Rebilla Reserve. This news comes just a few months after the company received its banking license from the Swedish Financial Supervisory Authority (SFSA or Finansinspektionen).
While sharing more details about the new product, the Northmill team revealed that the savings account will be covered by the state-provided deposit insurance up to SEK 950 000 and have a variable interest rate. Hikmet Ego, CEO at Northmill, stated:
“With our fast-growing banking offer, we prove that it is possible to combine a top-modern customer experience with comprehensive compliance and security requirements. We believe that banking products should proceed from the actual needs of the customer and be made available to everyone in a smart and user-friendly way. We aim at playing an important role in developing the banking products of tomorrow, that work for the consumers and make it easier for them to save money and handle their personal finances in a good way.”
Marcin Ziolkowski, Product Owner Rebilla Reserve, then added:
“We have a scalable technology infrastructure that creates the pre-requisites for us to automate, tailor and integrate a vast majority of the complex processes. Our technical capacity also allows us to connect all Rebilla products into one powerful banking offering. For example, in the near future, the cashback generated from purchases made with the Rebilla Card can automatically be deposited into the user’s savings account and immediately start generating interest.”
As previously reported, Northmill was founded in 2006 and is on a mission to straightforward and secure financial services for everyone through new technology, innovation and “lots of passion.”
“Our mission is simple – we develop products that help people save time and money. And we are using the latest technology to do so. We want everyone to be in full control over their personal finances, wherever they are, in a way that is as accessible and customer-friendly as possible.”
Northmill’s insurance business is reported to have more than 15,000 monthly policyholders.