Swedish fintech firm Northmill has secured a banking licence from Finansinspektionen (SFSA), the local financial regulator.
The fintech received the licence two years after it submitted its application seeking permission to commence banking operations in the country.
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The licence was awarded in accordance with the Banking and Financing Business Act (2004:297).
Northmill chairwoman Margareta Lindahl said: “This is a natural part of Northmill’s continuous journey and another important step in our mission to simplify people’s financial lives through technology and innovation.
“We believe this enhances our opportunity to continue to develop and offer great products to customers all around Europe.”
The bank did not provide a definite timeline as to when it will begin operations. However, it plans to start services in the ‘near future’ by offering saving accounts and cards and enabling payments transfer.
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By GlobalDataAs part of the regulatory requirements, Northmill must have an initial capital of €5m when it begins banking services.
Furthermore, it is required to maintain a capital base of more than or equivalent to its initial capital as well as additional capital buffers to reduce risks.
Lindahl added: “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.”
