Qred Bank partners with Enable Banking to ‘leverage the power’ of Open Banking

Open Banking infrastructure provider Enable Banking and Stockholm-based Qred Bank have teamed up to enable real-time financial data analysis and help Qred “take advantage” of Open Banking connectivity.

Qred provides flexible business financing to entrepreneurs, enabling them to invest and grow “without the constraints” of traditional banking systems.

Qred, which has operations across Sweden, Finland, Norway, Denmark, the Netherlands, Belgium, Germany, and Brazil, has supported more than 50,000 businesses by offering flexible business loans ranging from €5,000 to €500,000 with the option to repay early.

Through the partnership, Enable Banking will integrate its Open Banking connectivity into Qred’s risk assessment and decision-making platform, enabling real-time financial data analysis that will help “streamline” credit decisions, improve the customer experience and expand Qred’s offering.

In addition, Enable Banking’s account-to-account payment infrastructure will make it easier for Qred’s customers to manage payments.

Sarah Häger, Enable Banking’s chief commercial officer

Sarah Häger, chief commercial officer at Enable Banking, said: “This collaboration highlights the transformative potential of Open Banking in accelerating the bank’s business processes and driving innovation.

“Helping Qred leverage the power of Open Banking in its processes is a perfect fit for us. From the very beginning, the collaboration has been seamless, and it’s been a pleasure working with such a bright, forward-thinking team who are eager to make things happen and take advantage of Open Banking.”

She added: “Together, we’re creating something truly impactful for entrepreneurs, and we’re excited to support Qred as they continue to empower entrepreneurs with flexible and efficient financing options across Europe.”

Enable Banking provides secure access to more than 2,500 European banks across 28 countries through a single API.

“Partnering with Enable Banking is another step forward for Qred. Their Open Banking connectivity enables us to enhance our risk analysis, streamline operations, and drive growth,” Emil Sunvisson, chief executive officer of Qred, said.

“This partnership allows us to deliver a smooth customer experience and stay true to our mission of powering entrepreneurs.”