Stockholm, 30 November, 2020 - Today, Swedish fintech company Qred releases its report for the third quarter this year and shows once again strong numbers.
Qred has a strong financial solvency, which has been further strengthened partly through a new share issue of SEK 40m during the quarter and partly through new bond repurchases. The number of active monthly users is now more than 8,000. In addition, revenues increased by 41% and operating profit increased by 54%.
“We have experienced that during our third quarter, confidence in the future has gradually returned, which has resulted in an increased demand for company loans. We believe that the market will continue to normalize in the upcoming quarters, although temporary peaks and new recommendations may create concern to some extent.” says Emil Sunvisson, CEO of Qred.
During the quarter, an intensive expansion phase was initiated, which began with the launch of another new market; Belgium. In addition, after the end of the quarter, the company also received permission from Swedish Financial Supervisory Authority (S-FSA) to conduct payment service operations. In the midst of the current pandemic, Qred invests in the development of new products and has taken the opportunity to hire over 50 new employees and has now around 100 employees.
“I am very proud that despite all the new activities and investments, we continue to deliver a positive operating result in stormy times. The license opens up a whole new world to us. We gain access to the banks’ interface and can offer our customers to initiate payments from Qred’s platform. In addition, we have been able to continue to prepare for the future by hiring many new competent employees to develop the financial products of the future to make it easier for small businesses,” Emil continues.
The report in short:
Results for the same period for the previous year are stated in brackets.
To read the full report, please visit: https://wp.qred.com/se/investorrelations-en/