Swedish Fintech Northmill Targets EU expansion

Currently, the Swedish challenger bank operates in the Nordic countries of Sweden, Norway, and Finland. Founded in 2006, Northmill received its full banking license in 2019 and is regulated by the Swedish Financial Supervisory Authority.

With around 140,000 retail customers and 4,000 business clients, Northmill competes directly with major established banks in Sweden. The bank is supported by Swedish investment company M2 Asset Management and the asset management firm Coeli.

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Julie Chatterjee, Northmill CEO, said: “We want to continue expanding our presence, with Finland as a key priority and next year, into new markets as well. Our playground is the entire EU.”

When asked about which specific EU markets Northmill is targeting, Chatterjee said the bank is still exploring options and assessing the best market fit. Northmill provides savings, credit, payments, and insurance services. Its Q2 earnings increased to 56 million kronor, up from 46 million kronor the previous year, driven in part by growth in consumer cards, which now have over 140,000 holders.

Chatterjee also discussed Northmill’s adoption of AI tools. Chatterjee said: "We take a pragmatic view on AI. It should support and accelerate the overall strategy." And in a light-hearted dig at Klarna, she added: “For us, the strategy is scalability through AI, and we apply it where it truly adds value — so you won’t see me as an avatar presenting our Q2 results.”

Chatterjee added: “Our priority is to build internal LLMs and leverage AI to strengthen our capabilities, rather than focusing primarily on customer-facing applications.”

The bank is incorporating AI tools in several areas, including its IT department, which uses the AI coding assistant Cursor; marketing, which relies on an AI-powered SEO tool; automating credit decisions; and enhancing customer service support with AI.

About Northmill Bank

Founded in 2006 in Sweden, Northmill Bank is a tech-driven, customer-focused bank dedicated to improving financial lives. We offer personalized tools and solutions for consumers and businesses from flexible credit to reliable payment services aiming to simplify finance and empower customers to thrive in today’s fast paced economy.