Qred's interim report Q2 2023

Qred continues profitable growth, as operating income increased by 33% to SEK 182.1m compared to the same period last year and operating profit amounted to SEK 8.3m. The number of active users increased 16% to 18 107 by the end of the quarter.

Values ​​for the same period the previous year are stated within brackets.

April - June 2023

• The number of active users increased by 16% to 18 107 (15 568)
• Operating income increased by 33% to SEK 182.1m (137.0)
• Commission income increased by 82% to SEK 135.3m (74.3)
• Interest income decreased by 20% to SEK 54.0m (67.6)
• Operating profit amounted to SEK 8.3m (-12.2)
• Net profit for the period amounted to SEK 6.5m (-9.2)

January - June 2023

• Operating income increased by 36% to SEK 346.9m (254.8)
• Commission income increased by 81% to SEK 263.3m (145.5)
• Interest income decreased by -13% to SEK 109.9m (125.8)
• Operating profit amounted to SEK 8.5m (-11.1)
• Net profit for the period amounted to SEK 6.5m (-8.4)

Significant events April - June 2023

• Qred AB has been granted permission to commence banking operations. The Company submitted an application for a bank license in October 2022, which was approved by the Swedish FSA on the 24th of May. The company aims to activate the license in Q4 2023 and to redeem the outstanding bond when access to the deposit market has been activated.
• Kristoffer Straume has been appointed as CFO.
• Caroline Farberger has been appointed as board member in Qred Holding AB (publ).
• Apple Pay has been added as a payment method for Qred Visa.

Significant events after the end of the interim period

• No significant events after the end of the interim period.

Comments by Emil Sunvisson, CEO

This is a proud moment for Qred. Usually when writing these CEO comments in our quarterly report, I start by mentioning our continued growth and our positive numbers. This time I am not going to open with our yet again increased operating income or by how much our MAU increased. This time I am proud to start by announcing that we during the second quarter reached probably one of our most important and prominent milestones yet in the history of Qred. On May 24th we received the approval from the Swedish FSA to commence banking operations. We are now officially Europe’s newest bank.

The bank license means that we can broaden our scope both vertically and horizontally. First, the license enables Qred’s future European expansion. Now markets that require a bank license have become addressable, as the license can be passported to all markets within the EU, meaning that Qred theoretically would be able to power many of the EU’s over 20 millions small businesses and in doing so, also creating a significant amount of new jobs.

Using the license we can now start offering additional and improved products and services. In the near future we will start offering savings accounts with competitive interest rates, which will be a cost efficient source of funding and increase our access to liquidity. As a result we will be able to offer our customers competitive terms.

I’m pleased with the development in the second quarter, where Qred continued to grow and increased the operating income by 33%. The number of monthly active users (MAU) amounted to more than 18,000 (+16%) and the net profit increased to SEK 6.5m (-9.2).

We now enter a highly interesting and exciting third quarter where our main focus will be to continue the final preparations before we can start the banking operations. All that we have accomplished, not just now but throughout Qred’s history, would not have been possible without the competent and dedicated team of employees to whom I owe thanks. We are determined to continue to support the small businesses of Europe and carry on serving them - and now we can do it better and in many more markets than before.

To read the full report, please visit: www.en.qred.se/company-information

For more information, please contact:
Andrea Romander
Head of Communications & Sustainability
andrea.romander@qred.com

About Qred
Founded in 2015 by entrepreneurs for entrepreneurs, Qred is now Sweden’s fastest growing fintech company according to the Financial Times. Qred is the market leader in the Nordic region and has Sweden’s most satisfied customers according to Trustpilot. With operations in Sweden, Finland, Denmark, the Netherlands, Brazil, Belgium and Norway. Qred has helped more than 25,000 companies. Qred’s fully automated, proprietary credit scoring system allows Qred to quickly and competitively provide business owners with the power they need to grow.

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