Qred, the Swedish fintech company, has successfully obtained a full banking licence from the Swedish Financial Supervisory Authority (SFSA) after a seven-month application process.
Established in 2015 and based in Stockholm, Qred utilizes an AI-driven financing platform to provide loans, credit cards, and factoring services to small businesses.
Having already issued more than 100,000 loans to small businesses in the Nordics and Benelux region, Qred’s banking licence allows for expansion across the European Union.
Additionally, Qred will now be able to offer savings accounts with competitive interest rates, which will reduce funding costs and result in improved terms for customers.
CEO Emil Sunvisson expressed satisfaction with the efficient application process and highlighted Qred’s plan for rapid growth and innovation in the European market, aiming to provide small businesses with easier and smarter financial solutions while challenging traditional banks.