Qred’s year-end report: have helped more than 10,000 customers during Corona


2020 is a year that we won’t forget anytime soon. Despite the pandemic, small business financer Qred reports a strong result with increased revenues of 56 % compared to the previous year. During 2020, Qred powered over 10,000 small businesses - a segment hit hard by the Corona outbreak and subsequent restrictions. 

Stockholm, February 26, 2021 -
Today, fintech company and small business financier Qred releases its report for last year’s fourth quarter. During a year filled with pandemic and restrictions, Qred has helped and powered more than 10,000 small businesses in six markets. The company also reports an increase in revenue of 56 % and the number of active businesses went up with 29 %. In addition to this, Qred has also hired and onboarded more than 60 employees, almost doubling its workforce. 

“When I look back at the year that has gone by, I am proud to see that our revenue has continued to increase at a hyper growth pace. During this quarter, the majority of our loans were mediated to our partner banks, which also meant that we were able to pay back a large part of our interest bearing debts, decreasing it with 54 % while commission income grew largely,” says Emil Sunvission, CEO at Qred. 

Early last quarter Qred also continued its geographical expansion with its launch in Belgium. In November, Qred received a license from Swedish Financial Supervisory Authority (S-FSA) that grants the company permission to conduct payment services (AIS/PIS). This opens up for providing new types of services to Qred’s customers. 

“The goal is to provide simple products that make it easier for small businesses to manage their everyday finances. Recently we launched a new API, which enables our partners to seamlessly integrate Qred's services into their own platforms,” Emil continues. 

Q4 in short
Results for the same period for the previous year are stated in brackets.

October - December 2020

  • Operating income increased by 39.6% to SEK 74.7 m (53.5)
  • Commission income amounted to SEK 35.8 m (1.0)
  • Interest income decreased by 28.1% to SEK 46.4 m (64.5)
  • Operating profit decreased by 35.2% to SEK 5.1 m (7.9)
  • Net income for the period amounted to SEK 2.5 m (8.2)

January - December 2020

  • The number of active monthly users increased by 29% to 9,498 (7,387)
  • Operating income increased by 56.5% to SEK 301.0 m (192.3)
  • Commission income amounted to SEK 111.3 m (1,0)
  • Interest income decreased by 11.9% to SEK 199.1 m (226.0)
  • Operating profit amounted to SEK 35.6 m (31.7)
  • Net income for the period amounted to SEK 29.4 m (28.0)
  • The loan portfolio decreased by 15% to SEK 553.7 m (654.5)

Significant events during the interim period

  • Qred has continued its geographical expansion and opened up to Belgian SMEs in October.
  • Qred AB has received permission to conduct payment services. The license includes i.a. Payment Initiation Services (PIS) and Account Information Services (AIS).

Significant events after the interim period

No significant events have occurred after the interim period.

To read the full report, please visit Qred’s website or follow these links: report and presentation.


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