Northmill takes its business to the next level by introducing Rebilla Reduce, its first service under the brand Rebilla. The new service will make it possible for everyone to lower their interest rate on existing credits, partial payments, and credit card bills. Northmill is developing new services at a record-breaking pace and Rebilla Reduce marks a new era in the fast-growing fintech company’s journey, with further product launches to be expected. Northmill, which has been profitable and seen organic growth since it started in 2006, has a vision to simplify everyone’s financial life, and in the long-term become an established Swedish neobank with an international presence.
“It is a competitive and timely service that we roll out to our customer base of over 200 000 customers. We challenge the traditional players by being curious and data-driven, with a long-term and scalable business model that is very cost-effective. With Rebilla Reduce we have a product that will leave its mark on the market by saving money for everyone with an existing credit, said Hikmet Ego, CEO at Northmill.
No new credits are issued with Rebilla Reduce. The service solely targets those with existing unsecured credit, partial payments or credit card bills. It can be a credit to renovate your kitchen or someone that has a partial payment of purchase such as a phone or clothes. The only thing the customers have to do is to take a photo of their invoice and upload it to Rebilla app, everything else is handled by Northmill’s automated processes.
“We see that customers come from traditional players, competitors and others, basically from everywhere. This is very promising since the product targets a broad segment. So far, during our short test-period, we have lowered the customers’ existing interest rate with 63 percent. That is, of course, a very competitive service that we are very proud of,” said Babel Poli, Product Owner Rebilla at Northmill.
Rebilla Reduce is developed in-house and equal time was spent developing the quick and seamless user experience and unique design, as optimizing functionality and security. The service is free, lacks fees and is available for iOS, Android and web.
“With the customer as the starting point, we have trusted our advanced technology with automated processes and focused on developing a user-friendly service that makes it possible for people to lower their interest rate and save money. That is why we encourage everyone with an existing credit between one thousand and three hundred thousand Swedish kronor to test how much they can lower their interest rate with Rebilla, said Babel Poli.
The service strengthens Northmill’s unique market position and fits neatly with the company's long-term strategy to deliver customer value through data-driven innovation.
“We are born in the digital economy and we believe it is about time the financial system becomes more inclusive. Our vision to develop products and services that help people simplify their financial life is more relevant than ever. Not only for people who have the possibility to get help from traditional players. With Rebilla Reduce we take a giant leap in that direction, said Hikmet Ego.