- Swedish B2B financing company Qred launched a B2B payments platform for its business users.
- The new tool enables users to pay invoices using their Qred Visa credit card from within the Qred mobile app.
- Helping to fuel this new tool is $11 million (€10 million) in funding from existing investor Nordic Capital. The investment brings Qred’s total funding to $70.7 million.
Small business financing company Qred is making its platform a bit more powerful for its small business clients this week. The Sweden-based company unveiled a new B2B payments platform that will enable business users to pay any invoice using their Qred Visa card from within the Qred app, benefitting from Qred’s 45-day interest-free liquidity.
Founded in 2015, Qred offers an alternative lending platform for small businesses that makes the funding process simple, digital, and fast. The company helps businesses receive the working capital they need within 24 hours of applying.
The Qred Visa credit card is free for small business users and offers 1% cash back with every purchase. Businesses can use the Qred card and mobile app to pay invoices from billers that use Sweden’s clearing system, Bankgiro, even if the biller doesn’t accept card payments. And users can postpone their payment, interest-free for up to 45 days.
For now, Qred’s invoice payment tool is free for businesses when they use their Qred Visa card. However, starting in August of this year, there will be a 2.5% transaction fee.
“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,” said Qred CEO Emil Sunvisson. “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 life blood of most entrepreneurs.”
Qred also announced today it has received $11 million (€10 million) from existing investor Nordic Capital. This brings the company’s total funding to $70.7 million. The company will use the investment to “continue to deliver innovative products and services to small businesses throughout Northern Europe.”