Northmill talked neobanking at Nordic Tech Day


Stockholm, 11 October 2019: For the fourth consecutive year GP Bullhound, the leading technology advisory and investment firm with nine offices spanning Europe, the US, and Asia, arranged Nordic Tech Day together with Nasdaq. The day attracted the elite of the investor community and some of the most exciting Nordic private, pre-IPO and public companies that are leading the charge in the next wave of technology and innovation. Among them, the new Swedish neobank Northmill which described how they are building a digital mobile bank, born in the cloud and why they’ve only scratched the surface of all opportunities.

GP Bullhound delivered on the commitment of bringing brilliant people together. With speakers from a wide range of leading companies, representing a variety of sectors, such as Paradox Interactive, MTG, and Hedvig, Nordic Tech Day inspired and highlighted some of the most disruptive and revolutionary ideas right now.

Carl Wessberg, Partner at GP Bullhound, commented:
“With Nordic Tech Day, we strive to gather companies and minds that are on a mission to build the future, and Northmill is a great example of that. A fintech company growing organically at an impressive rate while maintaining profitability since inception. The business is becoming a 21st-century tech-bank and has already reached a significant scale in the Nordics. With the recently awarded Swedish bank license, we see a lot of potential going forward.”

Northmill, with a revenue of USD 45.5 million (2018) and CAGR* of 75 percent in the last five years, has been reportedto challenge other neobanks such as Revolut, N26, and Monzo.

Hikmet Ego, CEO at Northmill commented:
“We are experts in using technology in order to create products that simplify the financial lives of the users. Throughout the years we’ve put together the necessary building blocks to assemble our tech-bank, and we have done it in one of the most regulated markets in the world. Our cross-cloud microservice infrastructure gives us the scalability, efficiency, and flexibility we need in order to change the direction of the company as a whole or our products very fast, depending on what the customers and market tell us.”

But Northmill’s journey to becoming a tech-bank has been about more than cloud-based infrastructure and efficient marketing.

Hikmet Ego, CEO at Northmill commented:
“We have a combination of a challenger culture and tech-focused product organization which has been the key for us in order to take our business to the next level. We have built autonomous, self-sustaining product and component teams that can change course quickly and continuously improve our products. This means that each team can move in its own direction and velocity without having a dependency on what the other teams are doing.”

*CAGR - Compound Annual Growth Rate