The Nordic neobank Northmill, with the vision to improve financial life, has been granted a Visa Principal license. It creates new opportunities for the neobank to offer its customers more control, flexibility and innovative features. Already during the second half of 2021, Northmill plans to introduce a new card based on customer feedback in both design and functionality. The card will initially be launched on the Swedish market.
Hikmet Ego, CEO and co-founder at Northmill Bank comments
“This is a milestone in our growth journey. It provides room for maneuver and gives us the freedom to shape our offering and services in the way we know the customers ask for, without being dependent on other banks. Obviously, there is a lot of work behind getting a Visa Principal license, but now we look forward to reaping the benefits of it. We will be able to offer even more personal and intelligent banking services, while reaching a global payment network at the same time.”
Helene Podsadni Nilsson, Head of Fintech, Nordics & Baltics at Visa comments
“It is an honor to welcome Northmill to the Visa family. This shows that we continue to be the world-leading provider of digital payments, not only for more traditional players, but also for the next generation of banks, so-called neobanks, that place high demands on innovation, flexibility and speed. Northmill's journey is impressive and has just begun. It will be very exciting to follow Northmill in their continued growth journey.”
As a completely cloud-based bank, built on AWS and with partners such as Marqeta and Snowflake, Northmill has the potential to launch a number of different and smart payment services in the future.
Helen Björk, Product Manager at Northmill Bank comments
“We have listened to what customers want from a card. This includes price, design and functionality. We took all these parts with us straight into the product development and, therefore, we believe that the card will be truly appreciated among the users.”
Earlier this year, Northmill was named one of the fastest-growing companies in Europe, recently launched its third savings account, and has helped thousands of people reduce their interest costs with the product Reduce ™.