Qred and Webrock Launch Joint Venture in Brazil
Fintech scale-up Qred and investment company Webrock Ventures today announce a joint venture in Brazil. Qred’s digital technology for SME lending will be combined with local expertise and financing from Webrock Ventures and Swedish investment fund manager Atlant Fonder.
“The vast majority of small businesses still lack access to credit in order to invest and grow, despite the Brazilian economy digitizing at full tilt,” says Emil Sunvisson, CEO of Qred.
Adriano Duarte, Co-founder and CEO of the new Brazilian company, adds: “It is important to establish a well-functioning small business financing in Brazil that will foster both individual SME businesses and the nation’s economic development. That’s where we have an important and impactful role to play."
In partnership with Webrock Ventures, Qred will establish its business model in a country where over 15 million small businesses generate over 25% of the country's GDP, and SMEs account for 2/3 of all private sector employment.
"We are very excited about this investment, which fits naturally into our portfolio of fast-growing tech companies with Nordic roots in Brazil. Together with Qred and Atlant Fonder, we have great potential to be a viable player in online corporate loans in one of the world’s largest and fastest growing digital economies,” says Joakim Pops, Founding Partner at Webrock Ventures.
The driver behind Qred’s progress in Europe is a fully digital application process integrated with scores of sources of credit data, combined with with high-touch personal service. This has allowed Qred, since its 2015 inception, to quickly expand from Sweden to Finland, Denmark and the Netherlands.
“Qred has shown that loans to small companies provide very strong risk-adjusted returns with a low correlation to the fixed income and equity markets. Demand for this type of asset is growing rapidly and we see great potential to increase exposure to Brazil,” says Taner Pikdöken, manager of Atlant Fonder.
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About Qred Holding AB (publ) eng
Qred is Sweden's fastest growing fintech company, and is the market leader in the Nordic region within corporate loans up to one million SEK. Since its start in 2015, Qred has lent over two billion SEK to support small business investments and working capital. Having grown 7000% since 2015, Qred had a turnover of 126 million SEK in 2018 and today has 55 employees in Stockholm, Helsinki and Riga.
About Webrock Ventures
Webrock Ventures is an investment company that generates shareholder value by creating joint ventures with Swedish tech-related companies to build and develop new, successful companies in Brazil. Using our experience and understanding of doing business in the country, we provide access to a unique operational expertise that ensures our companies grow and prosper.
About Atlant Fonder
Atlant Fonder AB is a hedge fund management company founded in 2006. The firm currently manages in excess of 5 billion SEK mainly in market neutral absolute return strategies.
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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 increases number of active customers by 44 %13.8.2021 10:00:00 CEST | Press release
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%.
Qred receives Visa Principal Membership10.8.2021 10:30:00 CEST | Press release
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Qred hires CPO from Klarna30.6.2021 14:30:00 CEST | Press release
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Sean Cory joins Qred as Chairman of the Board22.6.2021 10:00:00 CEST | Press release
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Interim report Q1: Commission income increased by 171%14.5.2021 14:30:00 CEST | Press release
January-March 2021 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
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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