The Financial technology services provider, Qred announced today that the company has entered into the B2B payments space through the launch of a new platform. The new service is available to all Qred Visa holders.
To accelerate the expansion of its operations, the company has secured €10 million in funding from Nordic Capital. With the latest investment, Qred aims to boost the development of innovative products and services.
The newly launched service is available through Qred’s app. In addition, the financial technology services firm is planning to add a broad range of payment options in the near future. Through the new service, users can take advantage of up to 45 days of interest-free liquidity.
“Tens of billions of dollars worth of invoices are issued each year and for most businesses, the only way to pay them is to use cash directly from their account since most suppliers or vendors don’t accept card payments. With our new payment platform, small businesses can use their Qred VISA to pay any invoice they have with much more flexible payment terms. This frees up much-needed short-term cash which is the lifeblood of most entrepreneurs,” said Emil Sunvisson, the CEO of Qred.
Expansion
In the past few months, Qred has expanded its presence significantly across Europe. In February 2022, the fintech company entered Norway to support small businesses in the region. Founded in 2015, the firm has expanded its operations in countries like Finland, Denmark and Belgium.
"To help power the launch of this platform and Qred's continued overall growth, we are pleased to announce that Nordic Capital is investing a further €10m of capital as part of its ongoing support and commitment. This additional investment will allow Qred to continue to deliver innovative products and services to small businesses throughout Northern Europe. The issue is subject to shareholder approval at an extraordinary general meeting on 19 April 2022,” the company added.
