Clubs and associations on this level are a fantastic, strong force in Swedish society. They contribute to creating a social community, strengthening physical and mental health, integration and offer a much broader culture for the local society. We want to support all of this, and that is why we are launching this initiative. Indeed, it feels very natural to choose women’s football from Division 1 to 5 as a start, and the response from the clubs has been amazing!
Rather than spending time, money and energy on supporting big and well-known men’s teams, which many companies do, we want to go against the stream and do the opposite. In the same way that we are building our bank - by listening to people, by being long-term, by having a sense of people’s everyday lives - we want to give support where we know it makes a real difference.
This is an initiative that we want to develop further together with the clubs. Exactly what the next steps look like are not yet decided. Currently, we are listening to the clubs and we are trying to understand how we could take the partnership to the next level. For example, if a club helps someone to have better financial health, we can support the club with additional funds. Another possible step is a national tournament for the member clubs when the pandemic is over.
It is exciting to yet again be part of this prestigious list. We are proud that we, from a business perspective, continue to handle the rapidly changing banking landscape and simultaneously release new products and features. The fact that we are a tech-company, organized in product teams with a true engineering culture, has really helped us handle the complexity of today’s market in a really good way. We never lose focus of what it is all about; listening to people and solving real customer problems. I am truly proud of all our Northmillians hard work and I am really excited about everything that lays ahead of us.
We are happy to welcome such competent and experienced owners to our growing neobank. Our fantastic employees, long-term perspective, proven business model and our strong belief in technology as a driver, have created the conditions now enabling us to accelerate further. Our investors share our view that the bank of the future will be built by being receptive and developing products that really help customers improve their personal finances.
Northmill Bank is already a profitable company with a proven and sustainable business model, which stands out among today's tech investments. We have been following their journey for a while and have been impressed by the founders, as well as the company. The banking market is well on its way to change and the winners will be those who best can adapt to the new digital reality. For me, this is an investment in a tech company with long-term owners, who are just at the beginning of their journey. I see great growth potential in the bank.
When we now start to see a shift in banking towards smarter and more customer-oriented products, driven by customers' changing demands and behaviors, we as Sweden's only completely cloud-based bank see great opportunities to meet the new demands and be a positive driver for better banking services for all.
We are happy to be able to offer our customers another safe and long-term way of saving money, a year after the launch of our first savings account. We operate in a heavily regulated environment, but once again we prove that we’re able to continuously introduce new products that bring value to our customers. We are extra proud of our product Reduce. The response has been fantastic, as we have managed to lower the interest costs of thousands of people.
The customer gets a smart and user-friendly experience in the app, as well as a safe deposit up to SEK 1,050,000, which is the state-provided deposit insurance. We continue to broaden our product offering at a rapid pace and are constantly exploring new, smart technologies and customer-focused solutions. Our ambition is to always move towards creating a very personal, relevant and intelligent experience that helps customers improve their financial lives. 2021 will include many exciting product launches and updates. We are really looking forward to this year.
We are happy to welcome Tobias to Northmill Bank! He has a wide experience and international expertise, and has a deep knowledge of how a modern and agile tech and production organization works. Today, over fifty percent of our employees work with tech and we have the ambition to continue our long-term commitment and grow profitably. We want to be a positive driver for more customer-centric financial products, and have a high degree of relevance and personalization in our offerings. Tobias will play an important role in this exciting and business-critical work.”
There is another dimension to Northmill Bank which attracted me. A genuine desire to improve people's financial lives, and with the help of technology and genuine customer focus, create a banking experience that doesn’t exist today. There’s also a culture of courage where they dare to challenge and question things, that feels very inspiring. There is already a natural scalability and a high operational efficiency in place. I look forward to continuing developing and creating a product and technology organization, which not only supports the business, but actively pushes towards the goal of improving our customers' financial lives.
During my first short time at Northmill Bank I have already noticed that there is a very strong commitment and technical competence among the employees, and a willingness to constantly investigate how new technology can develop our products. Obviously, we want to maintain this speed and engagement, since it will be important to continue testing new solutions that optimize the customer experience.
Tink can be seen as an international leader in open-banking today and has broken many barriers leveraging their strong technical capacity. For us as a cloud-only bank it means that we get a solution that is easy to implement and makes it possible for us to immediately start generating value for our customers. For example, now it only takes a few clicks in the application process for our customers to obtain their account number. At the same time, the collaboration means that we can accelerate the development of Personal Finance Management solutions.
In the end, everything we do is about creating the best customer experience possible. With Tink handling over 10 billion transactions each year and having more than 8,000 developers already using their platform, we know we are getting the right leverage in our ongoing work to democratize banking and give the power over personal financing back to the user.
Becoming a member of RIX is a comprehensive process, during which we have been vetted, tested, and finally approved by the Swedish Central Bank. It strengthens our independence and gives us, as a cloud-only bank, great opportunities to add new types of banking products, with an emphasis on relevance and personalization for all.
I believe that RIX and Bankgirot to many people are associated with very traditional banking services, and that is, of course, something we will offer our customers. But we will also be able to use our innovation and technical capacity to bring products to the market that do not exist today. It is very exciting to be part of creating intelligent and personal banking products for everyone. We already have a product team exploring the opportunities, and testing various technologies.
I am proud that we have managed to grow the portfolio recently while maintaining a customer satisfaction of over 90 percent in the middle of a pandemic, at the same time as we launched new and updated products. Among them Reduce ™, which is a product that enables people to redeem their existing credits and lower their interest rates. Reduce™ has been received very well and we have received many applications from a wide range of customers, despite minimal marketing. We see that our strategy to improve people's financial life with the help of technology is bearing fruit. It feels very inspiring to be a part of this work moving forward.
It is always exciting to be able to take advantage of the talent that already exists within the company. We continue building our product organization, and I am convinced that Simon will play an important role as we now enter another intense period, with a focus on communicating our rapidly growing banking offering in several markets. We live in a competitive world demanding that we every day have the strength and courage to question, and challenge, how things traditionally have been done. It is a mindset that has been with us since the start and I know that Simon will continue in the same spirit.
It was one of our employees in the customer service team, who herself has grown up with two deaf parents, who made us aware of how big this problem really is. After a few weeks of development, testing and evaluation, it is now time to make the service available to all our customers with speech or hearing impairment. The response from the people who have tested it so far has been fantastic.
We have the technical capacity, the will and resources internally, and can therefore control the whole experience for the customer. All the customer needs to do is to book an appointment through the chat and a link with an invitation to a video call is automatically sent out. Our employees skilled in sign language will help the customers.
We have seen an increased demand for different types of savings accounts, especially with the current uncertainty in the markets. Now we provide a safe and secure way for people to get predictability and grow their money. We also see that many customers seek a complement to their traditional banks’ offerings which we provide with our digital and mobile-friendly alternative that in addition offers competitive interest rates.
We have a customer satisfaction rate of over 90 percent and a scalable technical infrastructure. It provides us with very good prerequisites to grow our bank offering and to continuously add products and features that help people in their everyday lives. We constantly update our products based on the feedback we receive from our customers, and we have several exciting product launches planned in the near future.
We are building a bank for everyone and this is an investment in our employees and the customer experience, two things that are tightly intertwined. We can see a growing trend with many companies taking the path of solely investing in self-service solutions, but we know that many people still ask for the opportunity to connect via for example phone. Now we are creating a hybrid where we will have a very competitive self-service offer, but we will also be available in the way the customers prefer.
We are now able to gear up our efficiency, be proactive and take full-scale data-driven decisions. We are also able to gather all the insights in a single platform. It creates a very streamlined process for our employees and enables us to strengthen the connection between the feedback we receive from customers, and how we develop our products.
“It is inspiring and a confirmation that we continue to do the right long-term priorities. We have been able to scale up with profitability and grown across all functions of the organization. The recognition is also an acknowledgment of our strong company culture and amazing people that have been crucial in our strong growth journey. With our Swedish banking license, we continue to take important steps towards building a bank that improves everyone’s financial life and helps people save money.”
We are truly excited that Arash becomes a part of our fast-growing bank. He has an impressive profile and is used to working in a fast-paced and innovative environment. Arash has proven strategic and operational capacity to establish an efficient product organization based on a healthy balance between creativity, compliance and speed. Currently, we make several strategic investments in the organization and it is very encouraging that we continue to attract top talent that is eager to join our journey.
Northmill walks their own path and I truly believe in how they approach the market. They have a strong customer focus and a genuine desire to help people save money, which mirrors the fast-growing product portfolio. It is a very competitive sector, but Northmill has the opportunity to create a real connection to people with its products, and I feel excited to continue developing that capacity. I will also focus on intertwining the strong corporate culture with clear and effective structures for the day-to-day operations, to help employees grow and feel appreciated in their roles.
We are super excited to have Mattias onboard. His extensive experience and deep knowledge within marketing, sales, and overall branding strategy will become an important asset to our team in a time when we are growing our banking offer and further scale our business. We are building a bank centered around the customers’ needs which puts an extra level of responsibility on the organization to be curious and receptive. Mattias will play an important role in continuing to develop that culture.
I feel humble to what is ahead of me and very much looking forward to continuing to add to the momentum Northmill built up. There is a genuine desire to be an industry driver towards smarter banking products that help people save money. For me, marketing and communication are an integral part of the business and it feels exciting to be part of a new consumer bank that challenges a traditional industry by putting the customers first.
With our fast-growing banking offer, we prove that it is possible to combine a top-modern customer experience with comprehensive compliance and security requirements. We believe that banking products should proceed from the actual needs of the customer and be made available to everyone in a smart and user-friendly way. We aim at playing an important role in developing the banking products of tomorrow, that work for the consumers and make it easier for them to save money and handle their personal finances in a good way.
We have a scalable technology infrastructure that creates the pre-requisites for us to automate, tailor and integrate a vast majority of the complex processes. Our technical capacity also allows us to connect all Rebilla products into one powerful banking offering. For example, in the near future, the cashback generated from purchases made with the Rebilla Card can automatically be deposited into the user's savings account and immediately start generating interest.
The Gasell-award is another proof that we continue to do the right things and that we are able to scale up and remain profitable at the same time. We have managed to put all the relevant pieces together and can see that our long-term investments in the organization, our modern technology infrastructure and product development show result. At the same time, we have strengthened our capacity in compliance, risk and analytics with several key recruitments.”
We really believe in developing less complicated, more flexible and better banking products that are helping people save money, not just those who can afford it. With the recent Swedish banking license, new exciting opportunities arise, making it possible for us to develop even stronger products that we know people are in need of. We will pursue the long-term strategy we have had since day one and continue to cherish our employees and our customers, then we know we can scale up even further in 2020.
Today many people are paying different and often completely unnecessary fees for their cards. We think banking services should be neither complicated or cost unnecessarily. Just like our previous Rebilla products*, we strive to create as simple and good products as possible and help our customers to save money. The Rebilla Card is another great example of that.
Our aim was to introduce the most competitive card on the market with a focus on giving back as much as possible to the users, and I think we pulled it off. We do not believe that it should cost anything to just have a card, and we do not necessarily expect the majority of the users to use the credit. However, the launch is a natural next step for us in the journey towards providing a full-scale banking offer with Rebilla.
We have invested a lot of time and energy in developing the Rebilla Card and we will continue to develop new features. Such as giving the user the possibility to set saving goals in the Rebilla app. Since we are not solely a credit card company, we can be more long-term and create a broader and more personalized experience with our growing Rebilla-offer.
We are really happy to welcome Kelly to Northmill. Her skills, extensive international network and hands-on approach will play an important role when we establish Northmill as a leading tech bank in Europe. Kelly has a mix of strategic and operational expertise and her profile is a perfect fit with our strong culture and clear vision. We are convinced she will have a leading role when we scale Rebilla and offer our products to European customers.
I am really excited to become a part of this driven team. Northmill has a long-term focus and a desire to change that inspires me. The team understands what it takes to make it in a competitive industry and is willing to do the work. With Rebilla, Northmill has the necessary tools to deliver on its ambitious roadmap. Northmill is already a highly profitable business, but the potential is huge and I am really excited about the opportunity to roll-out a new tech bank in Europe.
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.