Stockholm, Nov. 30, 2023 - Qred ("Qeld"), Europe's newest bank and one of Sweden's fastest growing fintech companies, is now entering the German market with the launch of retail savings accounts. With the recently activated banking license, Qred is positioning itself to lower the cost of capital and expand support for small businesses across Europe. At the same time, Qred continues to report strong growth rates in its recently released interim report.
Qred's retail savings accounts are now available through Raisin Bank on the German platform Weltsparen and generated more than SEK 500 million in deposits in October.
"The recently obtained banking license allows us to expand our business to even more small business owners across the EU. Germany is a large and interesting market for us, with many small businesses combined with relatively little competition within the Qred segment. By offering favorable interest rates for individual savings, we have the opportunity to help even more entrepreneurs," said Emil Sunvisson, CEO of Qred.
As Qred takes this important step forward, the company releases its interim report for the third quarter of 2023. Operating profit increased 28% compared to the same period last year and reached SEK 186.6 million. The number of active users on Qred's platform increased by 19% compared to the previous year and now stands at 19,428 users.
"We have invested significant resources to make Qred a bank. I would like to emphasize that our team has made an extraordinary effort with outstanding commitment as we continue to grow with profitability. Even though Qred is now formally a bank, our values remain unchanged, as does our commitment to supporting small businesses across Europe," Sunvisson added.
To read the report, go to: https://www.qred.se/bolagsinformation
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