Sweden's fastest growing fintech company releases quarterly report
Swedish fintech company Qred releases its report for this year’s third quarter. The report shows that revenues increased by 41% and operating profit increased by 54%. Once again, Qred’s digital business model has proven efficient even in difficult economic times.
Stockholm, 30 November, 2020 - Today, Swedish fintech company Qred releases its report for the third quarter this year and shows once again strong numbers.
Qred has a strong financial solvency, which has been further strengthened partly through a new share issue of SEK 40m during the quarter and partly through new bond repurchases. The number of active monthly users is now more than 8,000. In addition, revenues increased by 41% and operating profit increased by 54%.
“We have experienced that during our third quarter, confidence in the future has gradually returned, which has resulted in an increased demand for company loans. We believe that the market will continue to normalize in the upcoming quarters, although temporary peaks and new recommendations may create concern to some extent.” says Emil Sunvisson, CEO of Qred.
During the quarter, an intensive expansion phase was initiated, which began with the launch of another new market; Belgium. In addition, after the end of the quarter, the company also received permission from Swedish Financial Supervisory Authority (S-FSA) to conduct payment service operations. In the midst of the current pandemic, Qred invests in the development of new products and has taken the opportunity to hire over 50 new employees and has now around 100 employees.
“I am very proud that despite all the new activities and investments, we continue to deliver a positive operating result in stormy times. The license opens up a whole new world to us. We gain access to the banks’ interface and can offer our customers to initiate payments from Qred’s platform. In addition, we have been able to continue to prepare for the future by hiring many new competent employees to develop the financial products of the future to make it easier for small businesses,” Emil continues.
The report in short:
Results for the same period for the previous year are stated in brackets.
July - September 2020
- Operating income increased by 41.4% to SEK 67.0 m (47.4)
- Interest income decreased by 32.4% to SEK 41.2 m (61.0)
- Commission income amounted to SEK 34.7 m (0.0)
- Operating profit increased by 54.3% to SEK 9.8 m (6.4)
- Net income for the period amounted to SEK 8.0 m (4.8)
January - September 2020
- The number of active monthly users increased by 24% to 8,104 (6,600)
- Operating income increased by 63.1% to SEK 226.4 m (138.8)
- Commission income amounted to SEK 75.4 m (0,0)
- Interest income decreased by 7.7% to SEK 149.0 m (161.5)
- Operating profit amounted to SEK 30.2 m (23.7)
- Net income for the period amounted to SEK 27.0 m (19.8)
- The loan portfolio decreased by 14% to SEK 537.1 m (626.7)
Significant events during the interim period
- At an Extraordinary General Meeting on September 8, it was decided to increase the share capital with SEK 40 million through a directed issue of new ordinary shares and warrants.
- Qred has repurchased bonds with a nominal value of EUR 6.3 m. The average purchase price corresponded to 100 percent of the nominal value of the bonds.
Significant events after the interim period
- Qred has continued its geographical expansion and opened up to Belgian small businesses in October.
- Qred AB has received permission to operate payment services. The license includes inter alia Payment Initiation Services (PIS) and Account Information Services (AIS).
To read the full report, please visit: https://wp.qred.com/se/investorrelations-en/
Andrea Romander
Head of Brand & Communications Qred AB
+46 730 926 607
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