Swedish fintech Qred lands full banking licence
Swedish fintech Qred has landed a full banking licence from the Swedish Financial Supervisory Authority (SFSA), seven months after it first applied.
Founded in 2015 and headquartered in Stockholm, Qred operates a proprietary AI-led financing platform to offer loans, credit cards and factoring for small businesses.
Since its inception, Qred claims to have issued over 100,000 loans to small businesses in the Nordics and Benelux region, enabling Qred’s customers to create over 30,000 new jobs.
With the banking licence in hand, Qred will now be able to roll out its services across the European Union and offer savings accounts with “competitive” interest rates. Qred says this will enable it to lower its funding costs compared to its current funding structure, facilitating “better terms” for its customers.
“I am very satisfied that the application process has been so efficient and smooth. As a bank, we can further accelerate a European rollout of our services, as markets that require a bank licence are now unlocked,” says Emil Sunvisson, CEO at Qred.
“Becoming a bank is a part of the plan shaped together with Nordic Capital. We will now continue our fast and profitable growth as we challenge the traditional banks with easier and smarter products to power small businesses across Europe.”