Interim report Q1: Commission income increased by 171%

14/5/2021

January-March 2021

Qred continued to grow during the quarter and consolidated its position as market leader in the Nordic region and the Netherlands / Belgium. Qred's automated, smart and easy to use products that simplify financing for small businesses are much appreciated in the customer segment, and has resulted in Qred having Sweden's most satisfied customers with an average rating of 4.8 on Trustpilot.

Commission income increased by 171% as a result of an increasing amount of loans being brokered. The number of active customers increased by more than 3,000 and amounted to 10,408 (7,387). Adjusted for extraordinary revenues in Q1 2020, revenues increased by 40% to SEK 80.1 m (57.4).

Large resources are invested in developing new services. Qred will launch a unique credit card tailored for small businesses. The card comes with a number of features such as automated accounting, credits approved in real-time and improved ability to control the company's expenses.

Values ​​for the same period last year are stated in brackets (the same period last year includes extraordinary income of SEK 18.0 m and costs of SEK 32.6 m).

January - March 2021

  • Operating income increased by 6.1% to SEK 80.1 m (75.4)
  • Commission income increased by 171.5% to SEK 44.6 m (16.4)
  • Interest income decreased by 25.9% to SEK 43.8 m (59)
  • Operating profit amounted to SEK -1.1 m (-19.1)
  • Net income for the period amounted to SEK -1.4 m (-13.2)

Significant events during the interim period

  • Qred signs partnership agreements with, among others, Foodora and the e-trade community Ehandel.
  • Qred initiates a written procedure regarding the delisting of its senior secured bond in order to comply with Finansinspektionen's new guidance.
  • Qred sells bonds with a nominal value of EUR 3.0m.

Significant events after the interim period

  • Qred completes delisting of bond loans from NASDAQ.
  • Qred announces its intention to launch a new credit card with innovative features aimed at small businesses.

Read the full report here: Interim report Q1 or as a presentation here: Presentation Q1.

Author

Andrea Romander
Head of Brand & Communications
Qred AB
+46 730 926 607
andrea.romander@qred.com

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