Business plans. Budgets. Annual reports. And perhaps worst of all – a brutally slow application process. Any business owner who has applied for a corporate loan with a traditional bank will likely have experienced the complexity of this procedure.
A new partnership between two fintech scale-up companies Qred and Lunar Way will put an end to this enigma. Now, Lunar Ways Business users can apply for a corporate loan with Qred, directly through their Lunar Way app.
—I have personal experience of how difficult it can be for small business owners to be granted loans during the start-up phase. It’s not only a frustrating and complex barrier for the day-to-day operations of a business, it also hamstrings future growth. We want to contribute to the Danish spirit of entrepreneurship, says Qred CEO and founding partner Emil Sunvisson.
Qred was established in Stockholm in 2015 with the vision of making it easier for small and recently started companies to get access to financing. In only four years, Qred has helped more over 8 000 businesses, and the foundation of the Qred success in Denmark and Scandinavia is the company’s technical platform for applications and lending.
Qred has developed an automated tool which, besides using the same data as banks use in their credit estimates, also includes non-traditional sources of information such as tracking the client’s business on social media, customer ratings, geodata, invoice history and financial reports.
With this partnership, Lunar Way wishes to make it easier for business owners to quickly get help with financing for working capital purposes or upon encountering investment opportunities.
—Only four years ago, Lunar Way was also a startup. We are aware of the challenges that new business owners face. Therefore, we want to enable our users to solve possible problems quickly and return to what is important – running the business, says Lunar Way COO Morten Sønderskov.
Lunar Way wishes to create a financial marketplace where users can get access to a number of financial services, while simultaneously monitor their private economy directly through the Lunar Way app. The partnership with Qred is the latest in a series of high-value collaborations.
—Several of our recent partnerships have been intended for Private users. We are together with Qred very pleased to now be offering our Lunar Way Business users a new service. Corporate loans is a product our users have requested for a long time, says Morten Sønderskov.