Qred Takes on Factoring - Establishes New Office in Southern Sweden
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.
Qred has established itself as the market leader in online micro-enterprise and small business loans in the Nordics. Now it is time to disrupt the factoring industry with its technology and business model, via the introduction of automated digital processes, in what has traditionally been a face-to-face, handshake business.
"The process needs to be simple, fast and transparent," says Daniel Lindh, who is responsible for operations in Malmö. “We work according to the same principles as when Qred offers corporate loans.”
Liquidity problems due to long invoicing processes can restrict contractors from taking on new projects.
"It's tough for some SMEs, for example in construction, to wait several months to get paid for the job," says Emil Sunvisson, CEO of Qred. “This is money that needs to be put into business quickly and cover material or personnel costs. Here, Qred factoring can help out.”
“We reach out to SMEs and get to know the business through individual meetings. When a client’s invoice is registered in our systems, an automated procedure takes place,” says Daniel Lindh.
Come January, the Malmö office will have recruited a line up of specialists with years of experience in the factoring industry. Their combined expertise will ensure a smooth and simple process for all parties involved.
Factoring is a practice that encompasses invoice purchase and invoice loan services. In the case of invoice purchases, the issuing company sells its invoices to the factoring company and gets paid directly. Once the invoice is sold, issuers do not have to worry about when their invoice gets paid, and can move on to other engagements. When it comes to invoice financing/loans, the company hands over an issued invoice to the factoring company and can borrow parts of the sum for a fee, using the invoice as collateral.
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About Qred Holding AB (publ) eng
Qred helps small companies grow by providing fair and accessible financing. Launched in Sweden in 2015, Qred has expanded to Finland, Denmark and the Netherlands, offering entrepreneurs loans for investments and working capital. An automated and fully digital process keeps costs and credit losses low, while simultaneously giving customers the user experience they deserve and expect. Qred was created for entrepreneurs, by entrepreneurs, and is helping redefine small business financing in northern Europe.
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Latest releases from Qred Holding AB (publ) eng
Qred increases income by 90 % first quarter 202028.5.2020 14:30:00 CEST | Press release
Qred’s growth in the first quarter of 2020 continued at a rapid pace, despite the difficult developments in the local and global economies. In early March, Qred was named Sweden’s fastest growing company and placed 8th in Europe, alongside global heavyweights, when the Financial Times published their annual list of Europe’s 1000 fastest growing companies. From mid-March, the situation in the market changed significantly as a result of the pandemic caused by the outbreak of the coronavirus. Qred’s business model is well suited to handle such downturns in the economy without large disruptions to our business. “We have been able to mitigate many of the effects caused by the corona virus thanks to our digitalized processes and cloud-based business model. In addition, we have a balanced customer base that extends across many industries, which spreads the risk further, “says Andrea Romander at Qred. The pandemic has however created uncertainty in the general economy going forward. The compan
Qred Holding AB publishes bond prospectus and applies for listing of its bonds on Nasdaq Stockholm17.4.2020 14:00:00 CEST | Press release
Qred Holding AB (publ) (the “Company”) has issued a senior secured bond loan of EUR 40,000,000 on 17 June 2019, within a total framework amount of EUR 100,000,000, on the Swedish bond market. The bonds carry a floating interest rate and mature on 17 June 2022. The Company will apply for listing of the bonds on the Corporate Bond list at Nasdaq Stockholm during May 2020 and the bonds are planned to be admitted to trading at Nasdaq Stockholm during May or early June 2020. In connection with this, the Company has prepared a prospectus. The prospectus has been approved by, and registered with, the Swedish Financial Supervisory Authority in accordance with the Regulation (EU) 2017/1129 of 14 June 2017 of the European Parliament and of the Council. The prospectus will be available on the Financial Supervisory Authority’s website (www.fi.se) and on the Company’s website (wp.qred.com/se/bond-information). For further information, please contact: Andrea Gyllencreutz Romander, Head of Communicat
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 and Webrock Launch Joint Venture in Brazil26.9.2019 07:31:46 CEST | Press release
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.
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.
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