Qred increases operating income by 47 %


Qred continues to grow with profitability. Operating income increased during the interim period by 47% to SEK 117.8m and profit for the period amounted to SEK 0.8m.

In January 2022, Qred started operations aimed at Norwegian small companies, making Qred the first fintech company in financing and payment to small companies with coverage throughout the Nordic region, in addition to the Netherlands and Belgium.

During the quarter, Qred also launched its Qred VISA credit card in Finland, making it the second market to get the credit card for small businesses. 

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

January - March 2021

  • The number of active monthly users increased by 39% to 14 512 (10 408)
  • Income increased by 47% to SEK 117.8m (80.1)
  • Commission income increased by 59% to SEK 71.2m (44.7)
  • Interest income increased by 33% to SEK 58.3m (43.8)
  • Operating profit amounted to SEK 1.1m (-1.1)
  • Net income for the period amounted to SEK 0.8m (-1.4)
Significant events January - March 2022
  • Qred has launched its digital platform for smart business loans in the Norwegian market. 
  • Qred VISA has been launched in Finland, which will thus be the second market to get the credit card for small businesses.
Significant events after the end of the interim period
  • As part of a previous agreement with the Nordic Capital Evolution Fund, the Annual General Meeting of Qred Holding AB (publ) decided on 19 April 2022 to increase the Company's share capital by SEK 1,106,899 through and directed a new issue of 758,150 Series B ordinary shares to Cidron Gallo 2 S.à .r.l.
  • In April 2022, Qred launched a new B2B payment platform that allows companies to pay invoices with their Qred VISA.
  • On 13 April 2022, Qred Holding AB (publ) issued a senior secured bond of EUR 40m and redeemed the bond issued in 2019.

Comments from Emil Sunvisson, CEO

We put an eventful first quarter of 2022 behind us. Commenting on the period without mentioning the war in Ukraine is not possible. We are following developments closely and are affected by the serious humanitarian situation. We do not have staff in Ukraine, but several of us have relatives and friends who remain in the country and our thoughts go to all those affected. The war in Ukraine has affected the geopolitical position, which may affect operations. We continuously monitor the macroeconomic situation. The long-term effects on the world and the economy as a result of the war in Ukraine are today not entirely predictable. From the bond issuing process during March-April, it was evident that the cost of financing has been negatively affected, but apart from that the war has not had any direct impact on our operations. 

The quarter has been very eventful, even for us who are accustomed to constant development and growth. During the first quarter, Qred has continued, as we have done since the start, to grow with profitability. Revenues increased during the period by as much as 47%. In addition, the number of active users increased by 39% compared with the same period last year and amounted to 14,512 during the period. Once again, Qred's growth was noticed  by the Financial Times when, for the third year in a row, we qualified for their list of Europe's 1000 fastest growing companies. 

We started the year by launching our digital platform for loans to small businesses in the Norwegian market. This means that 400,000 Norwegian small businesses that have long been an under-served segment, now have access to fair and flexible financing. I am very proud to say that Qred is also the first company within our niche that covers the entire Nordic region in addition to the Netherlands and Belgium. Thanks to our digital platform and a centralized organization, we can relatively easily expand all our products and services to new markets. 

Right after the successful Norwegian launch, we also brought our Qred VISA to Finland, which thus became the second market to have access to the credit card specifically developed for small businesses. 

In addition, just at the turn of the month March-April, we also launched our own B2B payments platform that enables business owners to pay their bills and invoices with their Qred VISA directly in our app. This means that small businesses can release the much-needed cash flow that is vital to most entrepreneurs. In the coming quarters, we will continue to develop our products to further meet the needs of our customer segment when it comes to financing, invoice payments and accounting. 

The micro business segment that Qred serves is by nature associated with an increased credit risk level and has therefore been underserved by the traditional banks. With a digital approach and advanced algorithms we are well equipped to navigate the risks, where we need to balance our ambition to help as many entrepreneurs as possible and at the same time keep risks under control. Credit losses as a proportion of revenue is at an acceptable level considering our fairly high growth rate, and has actually decreased compared to previous year.

To read the full report, please visit: www.qred.se/report/interim-report-q1-2022


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