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Qred wins banking licence

Qred wins banking licence

Swedish credit scoring platform Qred is to become Europe's newest bank, having been granted a full banking licence by the country's financial regulator.

Using its proprietary AI-powered financing platform, Qred has since inception in 2015 issued over 100,000 loans to 25,000 small businesses in the Nordics and Benelux region.

Last month, the firm moved into the B2B payments market having secured €10 million in backing from founder investor Nordic Capital.

Emil Sunvisson, CEO at Qred, says: "As a bank we can further accelerate a European rollout of our services, as markets that require a bank license are now unlocked.”

The first product to emerge under the new regime will be savings accounts, says Sunvisson.

“Becoming a bank is a part of the plan shaped together with Nordic Capital. We will now continue our fast and profitable growth as we challenge the traditional banks with easier and smarter products to power small businesses across Europe,” Sunvisson continues.

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