The story of Qred
It all started with a young entrepreneur who had a dream of starting his own business.
The entrepreneur had earned an equity of 100,000 kroner and proudly went to the nearest bank to open an account on behalf of the company. It was new, exciting and not least unknown.
With great enthusiasm, the entrepreneur shared the business plans with the bank, who wondered why the entrepreneur had chosen to come to their particular bank. The entrepreneur was surprised, as the bank had received the prestigious award "Commercial Bank of the Year", but politely replied that he had the impression that this could be a good bank for his business. After a short meeting, the entrepreneur was informed that the business idea was perceived as poorly thought out and the application for customer relations was thus rejected. The entrepreneur became frustrated and thought "how is this possible?". He would not borrow money without having to make a deposit of 100,000 kroner. He began to doubt himself; what if the bank was right? Was he not able to establish his own business? Fortunately, he chose not to give up, and sought out another bank that showed more understanding.
I was the young entrepreneur and since then I have learned that I am not alone in my experience. This upsets me, especially in light of the fact that 4 out of 5 jobs are created by small companies, and that economic growth largely depends on us supporting and taking care of newly established companies.
Today - 15 years later - I am what is called a series founder. I love contributing to growth, creating new businesses as well as challenging traditional structures and economic models. First Televerket's monopoly was challenged, then the Norwegian gambling monopoly, and now it's time to challenge the banks' monopoly.
After many years of experience, I have built myself a large network consisting of competent people in the field. For new entrepreneurs, the challenge remains - especially when the company needs capital to be able to grow. By and large, it will be difficult to apply for a corporate loan from a major bank, unless you have had a long-term customer relationship and a solid turnover. If not, an infinite amount of documentation will be required such as business plans, budgets and period accounts. We are aware that small businesses are often forced to turn to family and friends for financing, which may be just what they need to develop the business further. At the same time, we observe that banks are extremely profitable and interest rates are at historically low levels, while lending to small businesses has fallen to a historic low in the last decade. Eureka !! I just stumbled upon a budding new business idea, I thought.
We at Qred want to do our utmost to realize your business idea and participate in the development of your business. All entrepreneurs deserve to be treated with the respect they deserve. Financing your business gives you the opportunity to launch new projects and it should be as easy as buying a book online. Also, with a well-designed and working digital solution, you should expect a response within minutes, not weeks. My ambition is for Qred to be able to help you and your company, and hopefully the banks will be a little more polite and accommodating towards their current and potential customers.
Emil Sunvisson, CEO and co-founder