Qred’s growth continued through 2022 - increased operating income by 49%


Qred continues to grow, as operating income increased by 46% to SEK 154.5m compared to the same period last year. The number of active users increased 23% to 16 517 by the end of the quarter.

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

October - December 2022

  • The number of active monthly users increased by 23% to 16 517 (13 483)
  • Operating income increased by 46% to SEK 154.5m (105.7)
  • Commission income increased by 54% to SEK 102.3m (66.3)
  • Interest income increased by 27% to SEK 65.0m (51.4)
  • Operating profit amounted to SEK 0.0m (7.0)
  • Net profit for the period amounted to SEK -0.1m (10.8)

January - December 2022

  • Operating income increased by 49% to SEK 554.8m (372.6)
  • Commission income increased by 48% to SEK 333.6m (224.9)
  • Interest income increased by 39% to SEK 261.1m (187.6)
  • Operating profit amounted to SEK 6.0m (15.8)
  • Net profit for the period amounted to SEK 5.1m (17.0)

Significant events October - December 2022

  • Qred launched automated expense management, smart invoice payment services and Google Pay for the Qred VISA product to further simplify everyday life for small businesses.
  • As part of a previous agreement with Nordic Capital Evolution Fund, the Board of Directors on December 16, 2022 voted to increase the Company's share capital by SEK 1 106 899 via a directed share issue of 758 150 ordinary series B shares to Cidron Gallo 2 S.à.r.l. 

Significant events after the end of the interim period

A process to merge Qred Factoring AB into Qred AB has been initiated and is expected to be completed by the end of Q1 2023.

Comments from Emil Sunvisson, CEO: 

I am proud to conclude that Qred can report yet another year of profitable growth with revenues up 49% compared to 2021. The growth is proof that our services and products are in high demand and appreciated by our customers. 

2022 is a year we will not soon forget with heightened instability in the world, escalating inflation, increasing interest rates, an energy crisis, and of course Russia’s invasion and war in Ukraine. The macro environment has with no doubt affected our customer segment with concerns regarding the future development and worries around day-to-day payments. In these times Qred’s flexible financing solutions are more valuable and appreciated than ever.

I get asked the same question a lot nowadays: How do the current circumstances affect Qred’s long-term goals? I choose to be an optimist and I always respond the same way: This does not affect our goal to become number one in European online SME financing. We shall stay true to our commitment to support small businesses across industries in our six markets. It is in times like these that Qred’s social impact is greater than ever. For a small business owner, being granted a business credit, whether in the form of a credit card, business loan or factoring, could be the difference between making it through a tough time and being able to invest for the future and having to give up everything that they have worked so hard for. The macroeconomic situation does not only create additional risks for the customer, but also for Qred. We have aligned interests with our customers. When our customers do good, we do good. Now, more than ever, it is of utmost importance to profoundly discuss the benefits and risks of taking on credit in a business. This is something we have made a habit from the beginning and is a natural part of being a responsible lender.  We are also proud to offer transparent and predictable terms and the option of flexible repayments without penalty or prepayment fees. 

Thanks to our long-term strategy, Qred has now been delivering healthy and profitable results for seven years in a row. By hiring skilled talents with aspiring ambition, we have developed some of the most sophisticated AI-powered products in the market. Qred’s straightforward and efficient customer onboarding process has elicited thousands of small businesses to become customers, which has generated increased revenues and growth in our company. As always, we believe that targeting and delivering profitability is a hygiene factor for a responsible, healthy and sustainable business model. 

Going forward, we will focus on leveraging our investments in technology and product development by expanding our existing product portfolio across existing markets. We are now laying the foundation to further accelerate our European expansion. 

We are respectful of the ambition of delivering continued profitable growth and I am confident that we have the skills, organization and motivation that is up to the challenge. Our faith in the future is as strong as ever and we are determined to continue to serve northern Europe’s underbanked entrepreneurs. 

To read the full report, please visit: https://en.qred.se/company-information


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