Qred announced raising €10 million in funding from existing investor Nordic Capital

Qred, a Stockholm, Sweden-based financial service company providing micro loans for SMEs, announced raising €10 million ($11M) in an equity round.

The money was raised from the existing investors Nordic Capital.

In conjunction with the financing, the company announced launching a B2B payments platform for its business users, enabling them to pay invoices using their Qred Visa credit card from within the Qred mobile app.

Qred, founded in 2015 by Emil Sunvisson and Jason Francis, provides short term online business loans to small companies. The loans are fully flexible and transparent and the service is from a customer perspective fully automated. A loan is normally granted and paid out within 24 hours.

The company is active in Sweden, Finland, Denmark, the Netherlands and Belgium, and says it has recently launched the first credit card aimed for small businesses, that have historically had difficulty gaining access to credit. The credit card offering will allow small businesses to take advantage of a credit facility to grow their business and to use a range of smart features including digital expense management. The broadened product range is an important part of helping small businesses to access better, automated credit services and is part of Qred's growth strategy.

Qred was acquired by Nordic Capital in 2021.