Nordic Capital has revealed its plan to take control of Liberis, one of the top embedded finance platforms, and at the same time commit more funds to Qred, a leading digital bank for small and medium-sized businesses (SMBs) in Europe. This strategic decision not only combines two innovative fintech companies that complement each other but also aligned with their common ambition to develop a global financing platform that is perfectly suited to the changing financing needs of SMBs.
SMBs constitute over 99% of the total companies in Europe and also make up a big portion of the private-sector workforce. Like that, in the US, SMBs are responsible for almost 50% of all private-sector jobs. Even with their major role in the economy, quite a number of them are still confronted with limited availability of financing since traditional financial institutions mainly fail to meet their requirements. That’s why Qred and Liberis are joining forces to not only eliminate this persistent gap in funding but also to broaden the scope of financial services for countless businesses worldwide.
Initially, Qred was a simple startup in Stockholm, 2015 that has now turned into a recognized bank, operating with a deposit-funded balance sheet and offering an expanding array of financial products throughout Northern Europe. However, Liberis has, since its inception in 2007, contributed to the financing of over 70,000 SMBs by working closely with more than 30 partner companies in Europe, the UK, and North America.
It is their shared vision that underpins the decision of merging and combining their skills so that an array of financial products like term loans, revenue-based financing, working capital solutions, payment cards, and others can be made available not only through both direct and embedded distribution channels but also in an integrated manner.
Due to this deal, the merged entity will have around 600 employees, create yearly revenues exceeding 250 million, support a client base of over 53,000 SMBs, and have an opportunity to tap into a market of about 11.5 million merchants across 17 countries that are within its reach.
Combining Complementary Strengths
Qred has established itself as a leading digital lender and banking platform focused on serving businesses often overlooked by traditional financial institutions. Since Nordic Capital Evolution’s investment in 2021, the company has expanded beyond lending by obtaining a full banking license, entering new European markets, and introducing additional products such as credit cards and savings solutions.
Also Read: IVP and Silverview Upgrade Financial Operations With New Infrastructure
A key differentiator for Qred is its proprietary AI-powered credit platform, which analyzes real-time business data to deliver rapid financing decisions at scale.
Liberis has built a strong position in embedded finance by providing funding solutions through software vendors, payment providers, marketplaces, and financial platforms across Europe, the UK, and North America. Existing partners will continue to operate through the same integrations and relationships while benefiting from expanded product capabilities, broader geographic coverage, and access to new market opportunities.
“Qred was built on a simple belief that SMBs deserve better access to financing and financial services. Over the last five years, together with Nordic Capital, we have transformed the company into a regulated European bank serving tens of thousands of entrepreneurs across multiple markets. The combination with Liberis marks an exciting next chapter and significantly expands how we can support SMBs going forward,” says Emil Sunvisson, Founder & CEO of Qred.
“Since 2007, Liberis has been driven by a simple belief that small and medium sized businesses should have easier access to the funding they need to thrive. By embedding financial products into the platforms businesses use every day, we’ve helped unlock growth at scale. Joining forces with Qred and Nordic Capital marks an exciting new chapter, one that will allow us to accelerate our mission, expand our product offering, and support even more entrepreneurs around the world,” says Rob Fairfield, CEO of Liberis.
A Landmark Transaction for Liberis
The acquisition represents a major milestone for Liberis and its shareholders, including Blenheim Chalcot, which has supported the company since its early stages and helped it become a global leader in embedded finance.
“Liberis has grown from a bold idea into one of the world’s leading embedded finance platforms for SMBs and we couldn’t be prouder of what the team has built. When we founded the business, the concept of truly embedded SMB finance delivered through partners was still largely unproven. The team helped define the category and, with the support of Blenheim Chalcot as its lead investor, built a business that now serves SMBs at significant scale across multiple markets. This transaction is the right next step, and the combination with Qred, backed by Nordic Capital, creates something with the potential to be genuinely transformative for SMBs globally,” said Manoj Badale, Chair of Liberis and Co-Founder of Blenheim Chalcot.
Positioned for the Next Stage of Growth
Nordic Capital views SMB financing as one of the most attractive long-term opportunities in the financial technology sector. The acquisition of Liberis and the expanded partnership with Qred reflect the firm’s confidence in both companies and their potential to reshape the SMB financing landscape.
Upon completion, Nordic Capital XI will become the majority shareholder of the newly combined organization. Nordic Capital Evolution I will maintain an ownership stake, alongside new co-investor Verdane. Emil Sunvisson will continue as a minority shareholder and lead the combined business as Group CEO.
“Qred and Liberis have each built strong positions through a combination of technology, innovation and a relentless focus on serving small businesses. What excites us is not only the strength of the two businesses today, but the opportunity to support the management teams as they build something even more significant together. We believe the combined company has the potential to become a leading platform in SMB finance internationally,” says Emil Anderson, Partner, Nordic Capital Advisors.
“When Nordic Capital Evolution invested in Qred in 2021, the ambition was to build a leading digital financial platform for small and medium sized businesses. Since then, the team has delivered strongly on that vision, transforming the business through geographic expansion, new products and a banking licence. The combination with Liberis is a testament to that journey and an exciting next step for the company,” said David Samuelson, Partner, Nordic Capital Advisors.
