Tuesday, March 5, 2024

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Swedish fintech Qred lands full banking licence

Swedish fintech Qred has obtained a full banking license from the Swedish Financial Supervisory Authority (SFSA), allowing it to expand its services across the European Union. With this license, Qred aims to offer savings accounts with competitive interest rates and improve funding costs, benefiting its small business customers.

Facts

  • Qred, founded in 2015 and based in Stockholm, operates an AI-led financing platform for small businesses.
  • Qred has received a full banking license from the Swedish Financial Supervisory Authority (SFSA) after seven months of applying.
  • Since its establishment, Qred claims to have granted over 100,000 loans to small businesses in the Nordics and Benelux region.
  • With the banking license, Qred can expand its services throughout the European Union.
  • Qred plans to offer savings accounts with competitive interest rates, which will help lower its funding costs compared to its current structure.
  • Emil Sunvisson, CEO of Qred, expressed satisfaction with the efficient and smooth application process and emphasized the potential for a European rollout of their services.
  • Becoming a bank is part of Qred’s growth strategy, and it aims to challenge traditional banks by providing easier and smarter financial products to empower small businesses across Europe.

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