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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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
Qred repurchases bonds to strengthen equity27.3.2020 16:30:00 CET | Press release
Qred Holding AB (publ) (the “Company”) has repurchased bonds with a nominal value of EUR 7,300,000. The repurchases concern the Company’s senior secured bonds with a nominal outstanding amount of EUR 40,000,000 (ISIN: SE001250726). The bonds have a floating rate corresponding to EURIBOR 3m plus 8.5 percent and are due in June 2022. The average purchase price corresponds to 75.75 percent of the nominal value of the bonds. Following the purchases, the Company’s holding amounts to a nominal amount of EUR 7,300,000.
Q3 Report: Qred Increases Lending by 95%28.11.2019 09:00:00 CET | Press release
Consistent, strong growth continues to characterize the first nine months of the year. Qred is growing in both established markets such as Sweden and Finland, as well as in newer markets such as Denmark and the Netherlands. Thus far in 2019, the cost base in the group has grown in line with revenue growth. Interest income and the loan portfolio continue to increase, while operating income and earnings have been countered by a higher cost of funding.
Qred Takes on Factoring - Establishes New Office in Southern Sweden24.10.2019 11:00:00 CEST | Press release
Fintech startup Qred continues to expand in financial services to small business owners. A new factoring branch is now being established that is offering invoice purchasing services. Based in central Malmö, Sweden, Qred's factoring service is aimed at contractors throughout the country, who wish to avoid extended waiting periods for being remunerated for services rendered.
Interim report - Qred grows lending to small businesses with 88%30.8.2019 13:29:04 CEST | Pressmeddelande
Continued strong growth has characterized the first half of the year. Qred is growing in both established markets such as Sweden and Finland, as well as in newer markets such as Denmark and the Netherlands. The group's costs are increasing slightly faster than the growth.
Andrea Gisle Joosen joins Qred Board28.8.2019 08:00:00 CEST | Pressmeddelande
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Qred and Lunar Way join forces in Denmark26.8.2019 07:00:00 CEST | Pressmeddelande
A new collaboration between number one Nordic SME lender Qred and leading Nordic banking app Lunar Way has been established and will give Danish entrepreneurs access to better financing.
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