Stockholm-based Northmill Bank has posted record earnings for Q2 2025, fueled by explosive consumer card adoption and surging demand for its B2B banking services.
A major driver has been Northmill’s consumer card, which grew its user base 136% year-over-year to 92,000 by the end of the quarter. Growth accelerated after June, pushing customers above 140,000 this summer.
The card recently topped a consumer comparison by independent watchdog Konsumenternas for offering the most favorable overall terms among 62 Swedish cards.
On the business side, Northmill’s B2B arm posted its strongest quarter yet, with transaction income soaring more than 70% compared to Q1, and business lending up 40%. CEO Julie Chatterjee said the company is “capturing a structural shift” as SMEs look for faster, cheaper, and more transparent banking options.
Northmill is positioning itself as a full-service alternative to Sweden’s traditional banks, holding a full banking license. Its app recently became the No. 1 most popular financial app in Sweden, underscoring its growing mainstream appeal.
The company, twice ranked among Europe’s fastest-growing by the Financial Times, has also been active in payments innovation, becoming the first Swedish bank to process a transaction through the Riksbank’s new real-time payments infrastructure.
