Northmill has reported record earnings for the second consecutive quarter, as rapid expansion in its B2B lending portfolio and transaction income drove profitability to new highs.
The Stockholm-based challenger bank achieved a 44% year-on-year increase in earnings before tax (EBT) in Q3 2025, marking September as the strongest month in the company’s history.
Quarterly operating income grew 25% to 227 MSEK, while EBT rose 44% to 62 MSEK. Year-to-date, EBT reached 162 MSEK, 45% higher than last year. Growth was driven by high-value revenue streams, with transaction income up 47% YoY.
Northmill Bank continues to gain traction among SME clients, which surpassed 4,200 in Q3. Transaction income climbed to nearly 14 MSEK, up 94% year-on-year, while the B2B lending portfolio exceeded 800 MSEK in disbursed volume, with approved limits above 1 billion SEK.
Moving toward a full-service consumer bank
The number of card customers surged to 165,000, up 237% YoY and nearly 80% since Q2 2025. Northmill’s consumer debit card was recently named Sweden’s best travel card by comparison site Kortio.
In addition, the bank launched a flexible mortgage product in Sweden that allows customers to increase existing loans or consolidate unsecured debt, lowering overall borrowing costs.
Northmill has been twice listed among Europe’s fastest-growing companies by the Financial Times, and ranks sixth in Europe in the Banking Tech Awards 2025, where it is the most shortlisted bank in the Nordics.
