Qred increases number of active customers by 44 %

Qred, market leader within small business financing in the Nordic region, continues to grow and show profitability during the second quarter of 2021. The number of monthly active users amounted to 11,545, which means a growth of +44%.

Stockholm, 13 August, 2021 - The second quarter shows that the market for business loans is recovering after being negatively affected by the pandemic for a long time. Qred’s number of active users, i.e. the number of companies that actively used Qred for a loan and / or factoring at the end of the quarter, has increased by 44%.

“More and more small business owners are turning to Qred to finance the expansion of their business. We are proud to be able to power the, to society, important entrepreneurs now that the world is opening up more. ” says Emil Sunvisson, CEO of Qred.

It is not only the number of customers that has increased but also the number of employees has increased significantly. Compared to the first half of 2020, the number of employees at the company has increased by 52% to 106 (average during the quarter). This allows Qred to invest in developing new products to further enhance customer experience.

During the quarter, Qred also announced its intention to launch a credit card, specifically developed for small businesses, during the third quarter of the year. Qred has previously been granted permission from S-FSA and has recently received Principal Membership with Visa. The card comes with a number of requested features such as granted real-time credit, in-app management and improved ability to control the company's expenses.

“The development in smart payments and credit services has been very rapid on the consumer side. Unfortunately, small businesses have been overlooked - something we are now changing with Qred's credit cards. Many have already signed up for the waiting list and we look forward to starting sending out the cards to our customers during Q3.” Emil continues.

Values ​​for the same period last year are stated in brackets.

April - June 2021

  • Operating income increased by 8% to SEK 88.3 m (81.6)
  • Commission income increased by 99% to SEK 52.8 m (26.5)
  • Interest income decreased by 10% to SEK 45.2 m (50.3)
  • Operating profit amounted to SEK 2.7 m (37.1)
  • Net income for the period amounted to SEK 2.1 m (32.2)

January - June 2021

  • The number of active users increased by 44% to 11,545 (8,014)
  • Operating income increased by 7% to SEK 168.4 m (157)
  • Interest income decreased by 19% to SEK 89 m (109.4)
  • Commission income increased by 127% to SEK 97.5 m (42.9)
  • Operating profit amounted to SEK 1.5 m (18.0)
  • Net income for the period amounted to SEK 0.7 m (19.0)
  • The loan portfolio decreased by 2% to SEK 590.9 m (604.1)

Significant events during the interim period

  • The Annual General Meeting appointed Sean Cory as Chairman of the Board.
  • Qred sold bonds with a nominal value of EUR 2.0m.

Significant events after the interim period

  • Qred received Principal Membership with Visa and intends to launch a credit card with innovative features specifically aimed at small businesses during Q3 2021.

Read the full report here: Report Q2 or as presentation here: Presentation Q2


Andrea Romander
Head of Communications & Sustainability
Qred Bank
+46 730 926 607