Qred was acquired by Nordic Capital

Qred, a Stockholm, Sweden-based financial service company providing micro loans for SMEs, announced getting into an investment agreement for adding Nordic Capital as investors in the company.

Financial details were not disclosed. Nordic Capital will become a significant shareholder in the company, while the current founder and management will remain as majority owners.

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 previously raised around $14 million.