Swedish neobank Northmill has now entered B2B payments with the acquisition of Nordic eftpos company Moreflo. The company recently opened for business in Norway after raising $30 million to fuel its expansion across Europe. The acquisition will enable it to enter a highly competitive market, currently dominated by platforms such as Square, Adyen and Klarna.
Tord Topsholm, CEO, Northmill said: “The next generation’s shopping will be without boundaries where social platforms, in-store and e-commerce fill the same purpose. As a tech-company with a Swedish banking license within the group, we can utilise the experience we have in using data to create a great customer experience.”
Currently, Moreflo has over 2,500 merchants and 400,000 end users in Norway, Sweden, Finland and Denmark. After the acquisition, it will be rebranded Northmill Flo and will be led by Mikke Selander, co-owner and former CEO, Point-of-Sale rocket Ancon.
According to Selander, the conditions are perfect for a European rollout. “Today we already have a presence in Denmark, Finland, Norway and Sweden. The technology, the will and the competence are there to challenge by lowering costs and thresholds, to question outdated things such as contract duration and unnecessary fees, but also to invest in having a really good and personal customer service,” he added.