Financial news

Swedish fintech Qred has bagged a full banking licence, paving the way for its expansion into new European markets.

With its AI-powered financing platform, Qred has issued over 100,000 loans to small businesses in the Nordics and Benelux region since its establishment in 2015. This has resulted in the creation of more than 30,000 new jobs.

The recent granting of a banking licence lets Qred expand its services across the European Union and offer competitive interest rates on savings accounts. By operating as a bank, Qred can reduce its funding costs, leading to improved terms for its customers.

Emil Sunvisson, CEO of Qred, expressed his satisfaction with the efficiency of a ‘smooth’ licensing process. He said: “The bank licence marks another major milestone as we are getting closer to the dream we had when Qred was started eight years ago. As a bank, we can further accelerate a European rollout of our services, as markets that require a bank licence are now unlocked.”

Qred’s growth trajectory aligns with its strategic plans, shaped in partnership with Nordic Capital. By becoming a bank, Qred aims to continue its rapid and profitable expansion, challenging traditional banks with innovative products designed to empower small businesses across Europe.

The company has featured on the Financial Times’ list of the 1,000 fastest growing companies in Europe for the past four years –  something that no other Swedish-founded company has accomplished before.

It has a presence in Sweden, Finland, Denmark, Netherlands, Belgium, Norway, and Brazil.