AI-powered lender Qred becomes Europe's newest bank


Johannes Stevense
Marketing Manager
Qred, Sweden's fastest growing fintech company and the parent company of Qeld, is proud to announce that it has been granted a full license to conduct banking activities. The company submitted the application 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 fastest growing companies in Europe, has received a full banking license from the Swedish Financial Supervisory Authority (SFSA). Using its proprietary AI-powered financing platform, Qred has provided more than 100,000 loans to small businesses in the Nordic and Benelux regions since its inception in 2015, enabling Qred's customers to create more than 30,000 new jobs.

"The banking license represents another important milestone as we move closer to the dream we had when Qred was founded eight years ago. I am very pleased that the application process has been so efficient and smooth. As a bank, we can further accelerate the rollout of our services across Europe, as markets that require a banking license are now accessible," said Emil Sunvisson, CEO of Qred.

Obtaining a banking license will enable Qred to roll out its services in the European Union and offer savings accounts with competitive interest rates. As a result, Qred's financing costs will be reduced compared to its current financing structure, enabling better terms for customers.

"Becoming a bank is part of the plan formed with Nordic Capital. We will continue our rapid and profitable growth as we continue to challenge traditional banks with simpler and smarter products to support small businesses across Europe," Emil continued.

The law firm Hammarskiöld & Co assisted Qred in the licensing process.

About Qred

Qred was founded in 2015 by entrepreneurs, for entrepreneurs. It is now Sweden's fastest growing fintech company according to the Financial Times. Qred has achieved profitable growth since inception and is the market leader in the Nordic region with the most satisfied customers in Sweden according to Trustpilot. With operations in Sweden, Finland, Denmark, the Netherlands, Belgium, Norway and Brazil, Qred has provided more than 100,000 loans to small businesses. A fully automated and proprietary credit scoring system enables Qred to quickly provide entrepreneurs with the support they need to grow.