As Europe's newest bank and the fastest growing fintech company in Sweden, Qred is now entering the German market with the launch of savings accounts for individuals. Qred is positioning itself to reduce capital costs while expanding its support for small businesses across Europe, leveraging its newly activated banking license. All this while continuing to report strong growth figures in its recently published quarterly report.
Qred's savings accounts for private individuals are now available through Raisin Bank on the German platform Weltsparen and have generated deposits of over SEK 500 million in October.
"The recently obtained banking license allows us to expand our business to even more small business owners across the EU. Germany is a large and interesting market for us, with many small businesses and relatively low competition in Qred's segment. By offering favorable interest rates for individual savings, we have the opportunity to help even more entrepreneurs," says Emil Sunvisson, CEO of Qred.
As Qred takes this significant step forward, the company publishes its quarterly report for Q3 2023. Operating profit increased by 28% compared to the same period in 2022, reaching SEK 186.6 million. The number of active users on Qred's platform increased by 19% compared to the previous year and now stands at 19,428 users.
"We have invested significant resources in transforming Qred into a bank. I would like to emphasize that our team has done an extraordinary job with outstanding commitment as we continue to grow profitably. Although Qred is now formally a bank, our values remain unchanged, as does our commitment to supporting small businesses across Europe," Sunvisson adds.