Nordic Capital invests in Qred

Qred's management team is to remain the majority shareholder in the business.

The GP intends to support the company's growth, increase its international presence, and invest in new products for responsible and inclusive lending, according to a statement.

Nordic Capital is investing in Qred via its mid-market Nordic Capital Evolution Fund. The vehicle held a final close in June 2021 on EUR 1.2bn and is the GP's first fund to focus solely on mid-market deals, targeting companies with enterprise values of EUR 50m-300m and deploying equity tickets of EUR 35m-150m.

The fund has now made three platform investments; it acquired BoostAI in March 2021, followed by Equipe Zorgbedrijven in July 2021.

Qred CEO Emil Sunvissonin told Unquote sister publication Mergermarket in October 2020 that the company was in talks to raise EUR 75m-100m in growth capital in a process led by Bryan Garnier & Co. Qred posted revenues of SEK 159.4m (around EUR 15m) in H1 2020, versus SEK 192.3m (around EUR 19m) for the entirety of the 2019 financial year, Sunvissonin said.

Prior to Nordic Capital's investment, Qred had raised SEK 40m in a directed share issue, issuing a EUR 100m bond in July 2019, according to Mergermarket.

Company
Founded in 2015, Qred is a financial technology software platform that provides financing and payment services for small businesses in the Nordic countries and the Netherlands. The company operates in Brazil via a joint venture. Qred also offers a credit card for small businesses that provides a credit facility to support their growth, using software for functions including digital expanse management.

Qred is headquartered in Stockholm, with additional offices in Helsinki and Malmö, and has 130 employees.

People
Nordic Capital – David Samuelson (principal).
Qred – Emil Sunvisson (CEO, co-founder).

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