Explore how Qred, the Swedish fintech company, obtained a full banking license, facilitating its expansion into European markets and enabling the provision of over 100,000 loans to small businesses, leading to the creation of 30,000 job opportunities.
A full banking license has been obtained by the Swedish fintech company Qred, paving the route for its development into new European markets. Since its founding in 2015, Qred has provided over 100,000 loans to small businesses in the Nordic and Benelux regions through its AI-powered financing platform. As a result, more than 30,000 new employment have been created.
Qred can now expand its services throughout the European Union and provide savings accounts with competitive interest rates thanks to the recent awarding of a banking license. It can lower its funding costs by acting as a bank, resulting in better terms for its clients.
CEO of Qred Emil Sunvisson acknowledged his appreciation for the effectiveness of a “smooth” licensing procedure. The bank license, he continued, “marks another significant milestone as we move closer to the vision we envisioned when Qred was founded eight years ago. As a result of the now-unlocked markets that require a bank license, we as a bank may speed the distribution of our services across Europe.
The growth trajectory of Qred fits in with its strategic ambitions, which were developed in collaboration with Nordic Capital. By becoming a bank, it hopes to maintain its quick and lucrative growth while upending established financial institutions with cutting-edge solutions that support small businesses across Europe.
In addition to Brazil, it is present in Sweden, Finland, Denmark, the Netherlands, Belgium, and Norway.
In the end
Qred, a Swedish fintech company, has achieved a significant milestone by obtaining a full banking license, enabling expansion into new European markets. With thousands of loans provided to small businesses, it has already created numerous job opportunities. The banking license allows Qred to offer competitive savings accounts and better terms for clients, aligning with its strategic ambitions and collaboration with Nordic Capital to disrupt established financial institutions and support small businesses across Europe. The company’s consistent inclusion on the Financial Times’ list of fastest-growing companies further underscores its success.
