Northmill has had tremendous growth since the start and we continue to believe in the power of technology to constantly innovate and improve. Over time we've offered our services to more than 200 000 customers. We have expanded internationally and grown into a team of 90 people in currently 3 countries.
Northmill was founded in Stockholm, Sweden in 2006. The market is characterized by old-fashioned and rigid actors who, unnecessarily, shut out a large part of the Swedish population from access to everyday financial services.
The excluded consist of people running their own businesses or those wanting to use a specific financial service for a short period of time without having to become long-term regular customers of the financial institute. We wanted to change this.
We adopted the most recent technology at an early stage which enabled us to simplify financial services in a way that most traditional financial institutes neither could nor wanted to do.
They couldn’t since they were burdened with old and rigid IT systems that would require enormous investments to be upgraded. They didn’t want to since they were content with their low-risk business such as mortgage loans or profitable asset management.
We embraced digitalization and were among the first who let the customers handle loan applications with their mobile phone or identify and register through electronic ID. We achieved this during a time when smartphones had not yet been launched on the market.
Also, we developed our own models for assessing consumers’ credit ratings. These models were not solely built on generic information from credit scoring companies but took more aspects into account. This approach enabled a more individualized and including credit assessment process. Our starting point was always to create an as intuitive and easy-to-use service as possible.
The market was less supervised and more cluttered back then, with a wide range of new actors who did not always play by the book.
This situation led to some consumers being poorly treated and the industry gained a bad reputation. As we always prioritized and strived for the highest quality on all services, ranging from compliance to how we communicated with customers and clients, we were positive to the increased regulation and supervision of the market.
This improved consumer protection and shut out creditors with short-term perspectives.
Northmill’s more inclusive model and
One was the hundreds of thousands of Swedes with stable finances who weren’t considered profitable enough by other actors.
Another was the group of people who expected more from the financial companies, and wanted easier and more accessible tools to handle their personal finances.
The traditional actors worked hard to catch up with more customer-friendly, fast-paced and digitalized companies.
We maintained our momentum and kept pushing ourselves to reach even more consumers by simplifying financial services. We expanded our operations to Finland and set our sights on even more European markets.
We are now setting our sights on everyday financial services with Rebilla, to offer a more intuitive way for consumers to handle their finances.
Going forward, we remain dedicated to using new technology and our innovation capacity to simplify everyone’s financial life.