Northmill Bank, a neobanking group based in Sweden, announced on Thursday it raised SEK 250 million through its latest investment round, which was led by M2 Asset Management, a Swedish investment company controlled by Rutger Arnhult, and the institutional investor and asset management firm Coeli.
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.”
Hikmet Ego, CEO and co-founder of Northmill Bank, spoke about the investment round by stating:
“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.”
Northmill Bank received a Swedish banking license in September 2019, and today offers savings, credits, payments and insurances. The investment round’s funds will be used to continue geographical expansion and accelerate the development of new products.