Qred raised $7.7M in capital.

Qred, a Stockholm, Sweden-based financial service company providing micro loans for SMEs, secured $7.7M in external equity financing from a consortium of private investors.

External financing will be used to expand the loan book in existing and new markets.

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 has also developed a proprietary credit scoring process that effectively limits credit losses.