Qred, the fastest growing fintech company in Sweden, is proud to announce that it has been granted a full license to operate as a bank. The company applied in October 2022 and the application was approved in just seven months.
Stockholm, May 25, 2023 - Qred, recognized four times in a row on the Financial Times list of Europe's fastest growing companies, has been granted a full banking license by the Swedish Financial Supervisory Authority (SFSA). Using its own AI-powered financing platform, Qred has issued over 100,000 loans to small businesses in the Nordic and Benelux region since its establishment in 2015, enabling Qred's customers to create over 30,000 new jobs.
"The banking license marks another important milestone as we get closer to the dream we had when Qred started eight years ago. I am very pleased that the application process has been so efficient and smooth. As a bank, we can further accelerate a European expansion of our services as the markets requiring a banking license are now available." says Emil Sunvisson, CEO at Qred.
By securing a banking license, Qred can expand its services across the EU and offer savings accounts with competitive interest rates. As a result, Qred's funding costs will be reduced compared to the current funding structure, which can provide better terms for customers.
"Becoming a bank is part of the plan we have shaped together with Nordic Capital. We will now continue our rapid and profitable growth while challenging traditional banks with easier and smarter products for small businesses across Europe," Emil continues.
Advokatfirmaet Hammarskiöld & Co has assisted Qred in the licensing process.
Founded in 2015 by entrepreneurs for entrepreneurs, Qred is now Sweden's fastest growing fintech company according to the Financial Times. Qred has delivered profitable growth from the start and is the market leader in the Nordics with Sweden's most satisfied customers according to Trustpilot. With operations in Sweden, Finland, Denmark, the Netherlands, Belgium, Norway and Brazil, Qred has issued more than 100,000 loans to small businesses. A fully automated and self-developed credit scoring system enables Qred to quickly and competitively give business owners the power they need to grow.