Swedish credit scoring platform Qred has raised €10 million to support the launch of a new B2B payments platform for small businesses.
The service, available via Qred’s finance app, will allow businesses to pay any invoice they have with the recently issued Qred Visa credit card.
“Tens of billions of dollars worth of invoices are issued each year and for most businesses the only way to pay them is to use cash directly from their account since most suppliers or vendors don’t accept card payments," says Emil Sunvisson, CEO of Qred. "With our new payment platform, small businesses can use their Qred Visa to pay any invoice they have with much more flexible payment terms. This frees up much needed, short-term cash which is the life blood of most entrepreneurs.”
To support the launch, the firm has secured commitment from Nordic capital for a further investment of €10 million via a direct share issue.