Fintech lender Qeld reports strong results, despite the corona crisis in 2020, with revenue up 56% over 2019. Throughout 2020 and the global pandemic, Qred supported more than 10,000 entrepreneurs with flexible business financing.
Stockholm, Feb. 26, 2020 - Qred, Fintech expert and lender, today presented its fourth quarter 2020 financial report. During a year marked by the corona crisis and restrictions, Qred managed to help more than 10,000 entrepreneurs in 6 markets with business financing just as well. Qred reported a 56% increase in revenue and saw a 29% increase in the number of active clients. In addition, the organization hired more than 60 new employees, nearly doubling its headcount.
"As I look back over the past year, I am proud that despite the crisis, our sales have continued to grow at a super-fast pace. During the fourth quarter of 2020, the majority of our loans were made through our partner banks. This meant that we paid off a large portion of our interest-bearing debt and managed to reduce it by 54%, while our commission income continued to grow strongly," said Emil Sunvission, CEO of Qred.
Early last quarter, Qred continued its geographic expansion with a launch of lending in Belgium. In November, Qred also received a special license from the Swedish Financial Supervisory Authority (S-FSA) authorizing the company to perform payment services (AIS / PIS). This paves the way for providing new types of financial services to entrepreneurs.
"The goal is to provide simple products that make it easier for small businesses to manage their everyday finances. Recently we launched a new API, which enables our partners to seamlessly integrate Qred's services into their own platforms," Emil continues.
"The goal is to provide simple products that make it easier for small businesses to manage their daily finances. We recently launched a new API that allows our partners to seamlessly integrate Qred's services into their own platforms," Emil says. Thus, Qred is continuously working to expand, improve and innovate its financial services for all entrepreneurs.
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