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. Auditor-certified annual reports. Period accounts - and perhaps worst of all - long processing times. If you as a business owner have applied for a business loan, you have most likely experienced how difficult a process it can be with traditional banks.
A new collaboration between the two bank challengers Lunar Way and Qred must do away with this. For now, it will be possible for Lunar Ways business users to apply for a business loan with Qred directly through the Lunar Way app.
"As an entrepreneur, I have experienced for myself how difficult it can be to be a commercial bank customer and how difficult it can be to be approved for financing. This is not only unnecessary. It is also a disincentive to business growth. It is the ambition that with this initiative we can continue to support entrepreneurship in Denmark further," says Emil Love Sunvisson, co-founder and CEO at Qred.
Qred was founded in Stockholm 2015 with the vision of making it easier for small and start-ups to access finance. In just four years, Qred has already helped more than 8000 companies, and the success of the service 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 can be approved for a loan, but at the same time includes non-traditional sources in the credit rating such as the company's Facebook profile, reviews on Trustpilot, geodata, invoice payments, accounting data and email addresses.
Lunar Way is also happy to make it a little easier for their Business users to be able to get help with the funding if a camera suddenly breaks down, an oven breaks down or Business users encounter other unforeseen costs that can be an obstacle to running their business.
"It is no more than four years since Lunar Way itself stood as a brand new start-up. We know about the challenges that can be, as self-employed, and therefore we want to help our users solve their problems quickly so that they can get back to the important thing - namely to manage their business," says Morten Sønderskov, COO of Lunar Way.
Lunar Ways's ambition is to create a financial marketplace for users where they can get offers from a wide range of different financial players, while managing 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.
Among other things, the banking app offers loans to private individuals through Basisbank, insurance through Tryg and soon also investments in collaboration with Saxo Bank, and Lunar Way Business users already have access to integrations with the accounting programs Dinero, Billy and e-conomic.
"Many of our recent partnerships benefit our private users, which is why we are very pleased to offer our Lunar Way Business users a new collaboration on business loans together with Qred, as loans are a product users have long requested," says Morten Sønderskov.
Fact: How Qred works
Qred offers an alternative and flexible solution for business. Companies can borrow up to DKK 500,000 for up to 18 months. No creation fee or interest is paid, instead the refund can be compared to a subscription solution. A flat fee is paid per month you have the loan. This means that you only pay the fee in the months you actually have the loan, just as the company can repay the loan at any time at no cost.
Qred is a Fintech scale up, founded in Stockholm in 2015 with the vision of making it easier for small and start-ups to access finance. With a new technological approach to lending, we have succeeded in challenging the traditional business models in finance for companies, 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 smEs' preferred alternative to fast, secure and comfortable financing. Read more: qred.dk
About Lunar Way
Lunar Way is a Danish fintech company that offers consumption overview, interactive budget, savings, loans, Denmark highest % on deposits, free fee-free cards, and account and much more via its banking app. In 2018, Lunar Way was granted an AISP license and – as the first in Denmark – a PISP license by the Danish FSA, which means that the fintech company is now allowed 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 their category on Trustpilot, in the App Store, Google Play and on Facebook. Behind Lunar Way are IT entrepreneur Ken Villum Klausen, Chairman of the Board Henning Kruse Petersen, who is also a former executive vice president at Nykredit, and former Chairman of Financial Stability. In addition, former Danske Bank boss J.P. Neergaard, as well as Tuva Palm, former CTO and CPO at Nordnet Bank and head of Klarna, are also part of Lunar Ways' Board of Directors. Former CEO of Nordea Kredit, Peter Smith, stepped in early 2019 as CBO in Lunar Way. The company has 90 employees from Denmark, Norway and Sweden, spread over two offices in Aarhus and Copenhagen, and will soon open hubs in Stockholm and Oslo.