Interim report Q1: Commission income increased by 171%
Qred continued to grow during the quarter and consolidated its position as market leader in the Nordic region and the Netherlands / Belgium. Qred's automated, smart and easy to use products that simplify financing for small businesses are much appreciated in the customer segment, and has resulted in Qred having Sweden's most satisfied customers with an average rating of 4.8 on Trustpilot.
Commission income increased by 171% as a result of an increasing amount of loans being brokered. The number of active customers increased by more than 3,000 and amounted to 10,408 (7,387). Adjusted for extraordinary revenues in Q1 2020, revenues increased by 40% to SEK 80.1 m (57.4).
Large resources are invested in developing new services. Qred will launch a unique credit card tailored for small businesses. The card comes with a number of features such as automated accounting, credits approved in real-time and improved ability to control the company's expenses.
Values for the same period last year are stated in brackets (the same period last year includes extraordinary income of SEK 18.0 m and costs of SEK 32.6 m).
January - March 2021
- Operating income increased by 6.1% to SEK 80.1 m (75.4)
- Commission income increased by 171.5% to SEK 44.6 m (16.4)
- Interest income decreased by 25.9% to SEK 43.8 m (59)
- Operating profit amounted to SEK -1.1 m (-19.1)
- Net income for the period amounted to SEK -1.4 m (-13.2)
Significant events during the interim period
- Qred signs partnership agreements with, among others, Foodora and the e-trade community Ehandel.
- Qred initiates a written procedure regarding the delisting of its senior secured bond in order to comply with Finansinspektionen's new guidance.
- Qred sells bonds with a nominal value of EUR 3.0m.
Significant events after the interim period
- Qred completes delisting of bond loans from NASDAQ.
- Qred announces its intention to launch a new credit card with innovative features aimed at small businesses.
Andrea RomanderHead of PR and CommunicationsTel:+46 (0)730 92 66 firstname.lastname@example.org
About Qred Holding AB (publ) eng
Founded in 2015 by entrepreneurs for entrepreneurs, Qred is now Sweden’s fastest growing fintech company according to Financial Times. Qred is the market leader in the Nordic region and has Sweden’s most satisfied customers according to Trustpilot. With operations in Sweden, Finland, Denmark, the Netherlands, Brazil and Belgium - Qred has helped more than 25,000 companies Qred’s fully automated, proprietary credit scoring system allows us to quickly and competitively provide business owners with the power they need to grow. Right now, Qred is creating ten jobs a day, 7 days a week.
To read more about Qred, please visit: https://www.qred.com/en-se/about
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Latest releases from Qred Holding AB (publ) eng
Nordic Capital invests in and partners with Qred – one of Europe’s fastest growing fintech companies13.9.2021 08:00:00 CEST | Press release
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Qred, market leader within small business financing in the Nordic region, continues to grow and show profitability during the second quarter of 2021. The number of monthly active users amounted to 11,545, which means a growth of 44%.
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Qred hires CPO from Klarna30.6.2021 14:30:00 CEST | Press release
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Introducing the Qred Credit Card - it's time to stop leaving small businesses behind11.5.2021 09:30:00 CEST | Press release
Most small businesses have difficulties getting a credit card and many struggle with handling all of their paper receipts. Qred, one of the fastest growing companies in Europe, will approve credit cards in real time and automate their customers’ accounting when launching the first credit card specifically designed for small businesses in the Nordics.
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