Lunar Way launches business loans in collaboration with fintech company Qred
A new collaboration between the neobank Lunar Way and fintech company Qred aims to give SMEs faster and better access to finance.
Business plans. Budgets. Audited annual reports. Interim financial statements - and perhaps worst of all - long processing times. If you're a business owner applying for a business loan, you've probably experienced how cumbersome the process can be with traditional banks.
A new collaboration between the two bank challengers Lunar Way and Qred will change this. Lunar Way's business users will now be able to apply for a business loan from Qred directly through the Lunar Way app.
"As an entrepreneur myself, I've experienced first-hand how difficult it can be to be a commercial bank customer and how difficult it can be to get approved for funding. Not only is it unnecessary. It's also a hindrance to business growth. It is our ambition that with this initiative, we can continue to further support entrepreneurship in Denmark," says Emil Love Sunvisson, co-founder and CEO at Qred.
Qred was founded in Stockholm in 2015 with the vision of making it easier for small and start-up businesses to access financing. In just four years, Qred has already helped more than 8,000 businesses, and the service's success in Denmark and the rest of Scandinavia can be attributed to Qred's technological approach to lending.
Qred has developed an automated and efficient lending platform that uses the same data as banks to determine whether a company is eligible for a loan, but also includes non-traditional sources in the credit assessment, such as the company's Facebook profile, Trustpilot reviews, geo-data, accounting data and email addresses.
Lunar Way is also happy to make it a little easier for their Business users to get help with financing if a camera suddenly breaks, a furnace breaks down or Business users encounter other unforeseen costs that can be an obstacle to running their business.
"It's only four years ago that Lunar Way itself was a brand new start-up. We know the challenges of being self-employed, and that's why we want to help our users solve their problems quickly so they can get back to what's important - running their business," says Morten Sønderskov, COO at Lunar Way.
Lunar Way's ambition is to create a financial marketplace for users where they can get offers from a wide range of different financial players and at the same time manage their entire finances directly through the Lunar Way app. The collaboration with Qred is therefore the latest in a series of new partnerships Lunar Way has entered into.
"Many of our recent partnerships benefit our private users, and we are therefore very pleased to offer our Lunar Way Business users a new business loan partnership with Qred, as loans are a product that users have been asking for for a long time," says Morten Sønderskov.
Qred is a Fintech scale up, founded in Stockholm in 2015 with the vision of making it easier for small and start-up businesses to get access to financing. With a new technological approach to lending, we have succeeded in challenging the traditional business models in business financing and today we are the market leader in Scandinavia, consist of a dedicated team of more than 40 people, operate in four countries and continue to grow with the ambition to be the SMEs' preferred alternative for fast, secure and convenient financing. Read more: qred.dk
About Lunar Way
Lunar Way is a Danish fintech company that offers a spending overview, interactive budget, savings, loans, Denmark's highest % on deposit, free no-fee card and account, and much more through its banking app. In 2018, Lunar Way was awarded an AISP license and - as the first in Denmark - a PISP license by the Danish Financial Supervisory Authority, which means that the fintech company is now authorized to act as a payment institution. In December 2018, Lunar Way launched in Sweden and in February 2019 in Norway. Lunar Way has more than 100,000 users in Scandinavia and welcomes +12,000 new users every month. The banking app also has some of the best reviews in its category on Trustpilot, App Store, Google Play and Facebook. Lunar Way's founders include IT entrepreneur Ken Villum Klausen, Chairman of the Board Henning Kruse Petersen, who is also former CEO of Nykredit and former Chairman of Finansiel Stabilitet. In addition, former Danske Bank CEO J.P. Neergaard, and Tuva Palm, former CTO and CPO at Nordnet Bank and Head of Klarna, are also part of Lunar Way's board. Former CEO of Nordea Kredit, Peter Smith, joined Lunar Way as CBO in early 2019. The company has 90 employees from Denmark, Norway and Sweden, spread across two offices in Aarhus and Copenhagen, and will soon open hubs in Stockholm and Oslo.