Northmill shares
Unlisted company
Northmill Bank is a digital challenger bank with a Swedish banking licence that offers financial services to both individuals and businesses. The company was founded in 2006 and was granted a banking licence by the Swedish Financial Supervisory Authority in 2019, after which the credit business was reorganised as Northmill Bank. Operations are conducted through a proprietary technology platform, with headquarters in Stockholm and activities in Sweden, Norway and Finland, as well as a development office in Poland.
Two segments: B2C and B2B
The Group’s operations are divided into two main segments: B2C and B2B. Within B2C, the bank offers personal loans, credit facilities, credit cards in partnership with Visa, savings and transaction accounts and, since 2025, mortgages in the Swedish market. Revenue from the consumer business is generated primarily through net interest income from lending, as well as fee- and transaction-related income from card and account services.
The B2B segment serves small and medium-sized enterprises with business financing, business accounts, acquiring services, point-of-sale solutions, buy now, pay later services and instant payments via the Riksbank’s RIX-INST. Business lending and transaction-related fees constitute the segment’s main revenue streams.
Funding and growth
The bank funds its lending primarily through deposits from the public, which are covered by the government deposit guarantee. The capital base is supplemented by equity and subordinated debt in the form of a Tier 2 bond issued in 2025. Northmill grows mainly organically through product development and increased customer acquisition in existing markets, and has historically demonstrated profitable growth over a succession of years.
Business model characteristics
Full Swedish banking licence under the supervision of the Swedish Financial Supervisory Authority
Two segments, B2C and B2B, on the same technology platform
Revenue from net interest income as well as transaction and fee income
Funding and market
Lending funded through deposits, equity and subordinated debt
Nordic focus with Sweden as the home market
Organic growth through product development and a scalable platform
Financial performance
Published 24 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 770MSEK
- Operating cash flow
- 662MSEK
- Equity ratio
- 13.2%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| EBITDA | 252(+31.2 %) | 192(+12 %) | 172(+57.8 %) | 109(-14.4 %) |
| EBIT | 223(+54.9 %) | 144(+8.3 %) | 133(+77.7 %) | 75(-22.8 %) |
| Net income | 142(+21.8 %) | 117(+10.5 %) | 106(+84 %) | 57(-31 %) |
| Equity | 965(+9.5 %) | 881(+14.6 %) | 769(+17.3 %) | 656(+8.3 %) |
| Total liabilities | 6,094(+42.9 %) | 4,263(+2 %) | 4,181(+1.5 %) | 4,119(+28,793.3 %) |
| Cash and bank | 770(+103.6 %) | 378(+1.6 %) | 372(+279.8 %) | 98 |
| Operating cash flow | 662(+419.6 %) | 127(-4.5 %) | 133 | -1,163 |
| Equity ratio | 13.3%(-3.8 pp) | 17.1%(+1.6 pp) | 15.5%(+1.8 pp) | 13.7%(-3.6 pp) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 100m | SEK 2bn |
Questions about Northmill
Is Northmill publicly listed?
No, Northmill is a public limited company, but it is not publicly listed. The company has not conducted an IPO, and its shares are therefore not traded on a regulated stock exchange, but via the unlisted market.
What does Northmill do?
Northmill Bank is a Swedish digital banking company that offers payments, cards, accounts and lending to individuals and businesses under a Swedish banking licence. Its products include personal loans, credit, mortgages, business financing, payments, Visa cards, savings accounts and transaction accounts.
Can I buy shares in Northmill?
Yes, it is possible to buy shares in Northmill through unlisted share trading, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Northmill?
If you own shares in Northmill, you can place a sell order through Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company’s Euroclear-connected custody structure.
Is Northmill affiliated with Euroclear?
Yes, Northmill is affiliated with Euroclear. This means that the shares are handled in the Swedish securities system and can be delivered to a custody account with any bank or investment firm once the transaction has been completed.
Can I hold Northmill shares with Avanza or Nordnet?
Yes, since Northmill is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
Does Northmill have post-transfer purchase rights or rights of first refusal?
Yes, Northmill has post-transfer purchase rights or rights of first refusal. This means that share transfers may need to be handled in accordance with specific terms before the shares are sold on to an external buyer.
At what price is the Northmill share traded?
As Northmill is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand among buyers and sellers in the private market.
When will Northmill be listed on the stock exchange?
There is currently no publicly announced timetable for a stock market listing of Northmill. Therefore, we do not currently know when Northmill may be listed or whether the company will carry out an IPO.
What are the risks of investing in Northmill?
Investing in Northmill involves risk, just like other investments in unlisted shares. As a bank, the company’s value is affected by credit risks, interest rates, regulatory requirements, capital adequacy, competition, funding costs, and developments in lending, payments, and digital banking services. Trading in unlisted shares also normally involves lower liquidity than trading in listed shares.
Where can I find Northmill's annual report?
Northmill's annual report can be found under Investor Relations and Financial Reports. The company's annual reports and other financial reports are available there for download.
Has Northmill conducted any share issues?
Yes, Northmill has conducted capital raises and previous new share issues. Northmill's Capital raised is stated as SEK 157 million, which shows how much capital the company has raised through previous financing.
How much capital has Northmill raised in total?
Northmill's capital raised is stated as SEK 157 million. An equity raise is an English term for raising capital, while Swedish typically uses terms such as funding round, financing, or new share issue.
Has Northmill reported a profit or a loss?
Northmill reports a positive result in the latest available information. Under Key figures, EBITDA is stated as TSEK 259,233 and net profit as TSEK 177,204. The company’s earnings trend is also shown in the Results by year chart.