Northmill
“Can a licensed Swedish challenger bank extend from consumer credit into merchant / SMB banking and unified commerce across the Nordics?”
Founded2006
HQStockholm, Sweden
Total raised$30M
Latest roundGrowth round, 2021
IndustryFintech / Neobank
The story
Founded 2006 as a Swedish consumer credit fintech, Northmill obtained a full Swedish banking license in 2019 and repositioned as a challenger bank serving consumers in Sweden, Norway, and Finland. In 2022 it acquired Moreflo (rebranded Northmill Flo) to add merchant / unified-commerce POS and business banking, pushing beyond retail consumer credit into SMB payments and accounts. It is a certified Swish and RIX-INST participant, indicating direct access to Swedish payment rails rather than a BaaS dependency.
Last 12 months
—
Product timeline
2006
Founded in Sweden as a consumer credit / fintech company· founding
2019
Received Swedish banking license from Finansinspektionen· banking
2021
Raised $30M to expand across Europe and launch new products· funding
2022
Acquired Moreflo (renamed Northmill Flo AB) to enter merchant / unified commerce· acquisition
Acquisitions
Regulated entities
1
regulatory licence held by Northmill
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Northmill’s embedded-finance stack
Payments / PSP
Swish (self-operated, direct participant)RIX-INST (self-operated, direct participant)
Banking / BaaS
in the full report
Lending
in the full report
Accounting gap: none
6 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.