Georges is another proof that we are attracting the very best and we are very happy to have him on board. Georges’ deep knowledge in data- and credit analysis will enable us to continue to be proactive and position ourselves even closer to the customers’ needs. This becomes increasingly important as we are planning to broaden our product portfolio substantially in the near future, and at the same time, we put in an extra gear in the work to establish ourselves as an international tech bank.
I am really excited to become a part of one of Europe’s most promising and profitable companies in the fintech-sector. It is clear to me that Northmill is a tech company conducting banking services where innovation and product development are at the core. There is a genuine commitment to becoming a challenger to a traditional industry and in that journey, I look forward to playing an important role.
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.
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.
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 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 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. The most recent product, Rebilla Reduce, aims to lower people's current interest rate on existing credits. 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.
The two Rebilla product launches strengthen us in our belief, and prove, that our product-oriented and agile organization enables the strong innovative focus and makes it possible for us to continue to deliver on our ambitious targets.
We have made long-term investments in our advanced and in-house developed technology platform which means that we can develop very competitive and tailored products, and at the same time stand prepared and innovate the insurance products of the future.
We have seen that our insurance products are very much appreciated and we are happy to be able to continue to bring stability and safety to our Rebilla customers. We can all face obstacles and crises in life, and to be able to get tailored insurances creates a great sense of security in life.
Similar to the finance sector, the insurance industry is a very traditional industry that needs to step up, adapt and move towards more personalized and tailored products. For us, the technology has always been in the center and we are convinced that we through new technology will be able to create even better products for the policyholder of the future.
As we developed Rebilla Reward, we listened to our over 200.000 customers and removed all the complexity, solely focusing on making it as easy as possible for customers to save money. That's how we contribute with real customer value.
Rebilla Reward symbolizes our quest to always develop customer-centric products that, with the help of technology, simplify and improve people's financial life. We have been technology-driven and highly cost-effective company since the beginning of our journey. We have always put a strong emphasis on being able to quickly scale up and we are now experiencing the benefits of our long-term investments.
We have our own team of data scientists that constantly explores new opportunities in a highly innovative environment. We encourage them to experiment with new AI- and ML-driven technology in order to test, improve and automate our processes.
We are a company in a constant state of innovation and we develop products in an increasingly high pace. That means we have to grow in a responsible way. This is achieved by strengthening the organization with key competence contributing with know-how in the streamlining and development of control functions during the different stages of a growth company’s journey.
Northmill is in a very exciting phase with great opportunities and I feel inspired to be a part of their journey. To a large extent, my role will be to make use of all the existing competence in the company and work with the internal structure. We will make risk management work an integral part of the business and as important as generating new business opportunities.
Daniel has a holistic approach, with great analytical capacity and strategic competence to identify opportunities and challenges across all functions in our company. We are sure that he will become a cornerstone of our onward journey,
In the first quarter, we have increased our cost base and we keep investing in the organization which is in line with our long-term strategy of building a new challenger neo-bank with an international presence. The transformation and investments are a natural part of our journey towards being granted a banking license. During the quarter we have witnessed the birth of a rebellious disruptor and we are proud to say that the first product under the brand Rebilla is finally here, and it's here to save you money in the most simple and seamless way possible.
“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.
We see that customers are coming from traditional players, competitors and others, basically from everywhere. During our short test-period, we have lowered the customer’s existing interest rate with 63 percent. That is, of course, a very competitive service that we are very proud of.
Our vision to develop products and services that help people simplify their financial life is more relevant than ever. With Rebilla Reduce we take a giant leap realizing that vision.
Our average customer has probably never been inside a traditional bank office.
Rather than leading the existing development, PSD2 is fueling it. Therefore, I claim that we are already living in the age of PSDX by design. Nonetheless, it is turning up the heat on the traditional players.
This development is benefiting tech-driven actors and gives them a competitive edge thanks to their position in the absolute forefront of technology.
We are proud that Joakim is joining Northmill. We have always been in the driver’s seat when it comes to new technology and our powerful and automated platform is the heart of our organization. We are convinced that Joakim will continue to develop our IT-organization in order to deliver the best products to our customers.
Northmill migrated to the cloud already in 2013 and lack any legacy IT-systems, they have had an organic growth and have been profitable since day one. The company is in the middle of a very exciting journey and has the potential to become one of the most successful fintech-companies globally.
2018 has been an eventful year and Northmill has taken giant leaps as a company. We continue to deliver strong results and finished the last quarter according to plan. The earnings growth is expected to continue through strong loan book growth, stable margins, cost control and good credit quality. We will continue to invest in key strategic areas to prepare for an ambitious expansion plan as well as our goal of becoming a licensed bank.
Third quarter has been characterized by continued stable growth and the company has strengthened its market position. Growth has taken place in both revenues, earnings and team size. Already one third of our team consists of IT-related employees such as engineers, coders, QA’s, UI/UX-designers, data scientists and we are continuing to invest heavily in this area. Besides IT and analytics we also invest in compliance and risk management as part of our efforts towards becoming a licensed bank.
While fintech companies are disrupting the banking industry they are also challenged by regulations themselves. We are happy and proud of being one of the first Fintech companies being approved as a registered payment firm according to the new, and PSD2 compliant, Swedish Act on Payment Services.
Receiving this award is a great honor and a testament to the passion and work ethic of every Northmillian. More than anything this is a team effort, and we could not have gotten this far without the hard work that all of our employees put in every day.