Qred is expanding to Germany with the launch of savings accounts, demonstrating continued profitable growth

30/11/2023

Stockholm, November 30, 2023 - Qred, Europe's newest bank and one of Sweden's fastest-growing fintech companies, is now entering the German market with the launch of savings accounts for individuals. Through its recently activated banking license, Qred is positioning itself to reduce cost of capitaland expand its support to small businesses across Europe. At the same time, Qred continues to report strong growth figures in the recently published interim report.

Qred's savings accounts for individuals are now available through Raisin Bank on the German platform Weltsparen and have generated deposits of over SEK 500 million in October.

"The recently obtained banking license allows us to expand our operations to even more small business owners throughout the EU. Germany is a large and interesting market for us, with many small businesses combined with relatively low competition within Qred's segment. By offering favorable interest rates for individual savings, we have the opportunity to help even more entrepreneurs." says Emil Sunvisson, CEO at Qred.

While Qred takes this significant step forward, the company releases its interim report for the third quarter of 2023. The operating profit increased by 28% compared to the same period the previous year, reaching SEK 186.6 million. The number of active users on Qred's platform increased by 19% compared to the previous year, now reaching 19,428 users.

"We have invested significant resources to transform Qred into a bank. I would like to underline that our team has made an extraordinary effort with an outstanding commitment, while we continue to grow with profitability. Even though Qred is now formally a bank, our values remain unchanged, as well as our commitment to support small businesses across Europe," Sunvisson adds.

To read the report, please visit: https://www.qred.se/bolagsinformation

Author

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

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