Qred, a Swedish financial technology company, has officially become Europe’s newest bank. The company recently received its banking license from Sweden’s Financial Supervisory Authority and will now be able to offer a wider range of financial services to its customers.
Qred was founded in 2015 and has since been offering small business loans to companies in Sweden, Finland, and Denmark. With the new banking license, Qred will be able to expand its services across Europe and offer additional products such as savings accounts and payment services.
The company’s CEO, Markus Villig, expressed his excitement about the new license and the opportunities it will bring for Qred. He stated that Qred’s mission has always been to support small businesses and help them succeed, and the banking license will allow them to do so even more effectively.
Qred is not the first fintech company to obtain a banking license in Europe. Other companies such as N26 and Revolut have also made this transition in recent years. However, Qred’s focus on small business lending sets it apart from many of its competitors.
Overall, Qred’s new banking license marks an important milestone for the company and the fintech industry. It will be interesting to see how Qred’s expanded services will be received by customers and how the company will continue to grow in the coming years.