NorthmillSwedish consumer credit institution Northmill has received a license to conduct banking operations from the Swedish financial regulator, it said in a statement.

Northmill had applied for a license with the Swedish Financial Supervisory Authority (SFSA) for conducting banking operations in late 2017.

It will commence its banking operations by adding saving accounts cards, and payments transfer to its current customer offerings, the company said. It currently operates as a consumer credit institute and registered payment service provider.

Margareta Lindahl, Chairwoman of the Board at Northmill says this step will enhance its opportunity to continue to develop better products for consumers across Europe.

“The banking license means a great responsibility and it is gratifying to see that Sweden and its authorities foster innovation. By being technology-driven and product-oriented we are excited to be able to build a new modern customer-centric bank. Northmill has grown organically and laid a solid foundation with our current credit and insurance offerings to our 200 000 users,” Lindahl said.

“By being able to operate as a bank, we have the tools to take the next step and drive true positive change for the users,” she said.

To commence banking operations, the firm must have an initial capital of five million euros and must maintain a capital base no less than the initial capital as a condition of the banking licence.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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