In this modern day and age, even the banking systems that we have grown accustomed to are now shifting their methods of operations to keep up with the latest tech developments. Challenging the traditional notion of banking is the Swedish fintech firm Northmill, which provides cloud based financial services. The company has now received a banking license from the Swedish Financial Supervisory Authority (SFSA) and is all set to soon offer banking operations.
Northmill currently offers a host of financial services and Rebilla is its consumer-focused product that is the highlight. Users who have a partial payment, credit or a credit card bill between 1,000 and 300,000 kronor can avail the service as the company pays off their debt to the existing creditor to offer lowered repayment option. With the new banking license, Northmill will soon add saving accounts, cards and payment transfer to its existing services.