Transforming SME Financing with Molly Wahlstrom from Qred Bank
TL;DR
In our exclusive interview, Molly Wahlström reveals:
Qred’s Speed vs. Traditional Banks: Unlike traditional banks that require lengthy applications and outdated financial reports, Qred Bank prioritizes speed and efficiency, offering SMEs quick and accessible financing without excessive bureaucracy.
Real-Time Open Banking Data for Smarter Lending: Through its partnership with Enable Banking, Qred Bank accesses live transaction data, allowing them to assess businesses based on their current financial health rather than outdated annual reports.
Breaking the Stigma Around SME Lending – Molly Wahlström challenges the negative perception of business financing, advocating for SME loans to be seen as a tool for growth—just like mortgages—rather than a sign of financial struggle.
Small and medium-sized enterprises (SMEs) are the backbone of the economy, yet securing financing can be challenging. Traditional banks often require lengthy applications, outdated financial information, and excessive paperwork. Enter Qred Bank, a modern financial institution designed specifically for SMEs, prioritising speed, efficiency, and customer satisfaction. We chatted with Molly Wahlström, Customer Operations Manager at Qred Bank, about their journey, their approach to SME lending, and how their partnership with Enable Banking is transforming the way they serve their customers.
Hi Molly, can you introduce yourself and tell us a bit about Qred Bank?
Absolutely! I’m Molly Wahlström, the Customer Operations Manager at Qred Bank, and my role is to find synergies between our markets!. I’ve been here for seven years, starting when we were just a small team of 12. It has been an in-Qred-ible journey watching Qred grow into the SME-focused bank we are today.
Qred was founded in 2015 as a financial institution, but last year, we made the leap to becoming a fully licensed bank, something we’re incredibly proud of. Our mission is to provide fast, flexible, and accessible financing to small businesses across Sweden, Finland, Denmark, Norway, Belgium, the Netherlands, and Germany. We also offer the Qred VISA card across Sweden and Finland as well as an exciting consumer product: Our savings accounts to private people in Sweden and Germany.
Our customers are entrepreneurs—builders, bakers, café owners—people with big ambitions and the drive to make them happen. We’re here to support them when they need capital to grow, expand, or simply keep their businesses running smoothly.
What sets Qred apart from traditional banks?
The primary difference is our speed and customer focus. Traditional banks often operate slowly and bureaucratically, and they tend to be more risk-averse when dealing with small and medium enterprises (SMEs). At Qred, we prioritise the customer experience. We get that business owners don’t have time to navigate countless hurdles or wait weeks for a decision. That’s why we leverage automation, offer extended service hours, and form strategic partnerships, such as with Enable Banking, to process applications efficiently and accurately.
Our culture plays a big part in what sets us apart, too. At Qred, I say "hi" to our CEO every day. Good luck doing that at a traditional bank!
What kind of businesses does Qred serve?
We serve small and medium-sized enterprises (SMEs) across various industries. Consider your local pizzeria, the contractor renovating your home, or the florist expanding to a second location. Many of these businesses lack the financial history that traditional banks typically require, yet they already have a thriving business and a need for capital.
By leveraging real-time financial data instead of outdated reports, we can evaluate businesses based on their current situation rather than where they were a year ago. This is where Enable Banking plays a critical role in our credit decision-making process.
Can you share a memorable customer case?
One of my favourite cases involves a serial entrepreneur from northern Sweden. He had an impressive track record as an entrepreneur but was launching a brand-new business.
Traditional banks immediately rejected his application because his company was considered too new and small. However, at Qred, we take a more comprehensive approach. We analysed his financial data, assessed his experience, and ultimately approved him for financing. Today, his business is thriving.
Stories like this are exactly why I do what I do. Helping small businesses grow is what makes this so rewarding. Whether it’s an entrepreneur starting fresh or a restaurant owner looking to open a second location, we love turning ambition into reality. After all, if your pizzeria is thriving, why not open another one?
How does Enable Banking improve Qred’s lending process?
From the very beginning, we recognised the importance of establishing strong partnerships to streamline our processes and enhance the customer experience. We sought a solution that would allow us to access real-time financial data automatically without burdening customers with excessive paperwork. Enable Banking offers exactly that.
Enable Banking has been a game-changer for us. It has completely changed the way we assess financial information. Instead of asking customers for last year’s financials, which are outdated the moment they’re printed, we can access live transaction data. This open banking connectivity allows us to view real-time transactional information, providing an up-to-date snapshot of a business's financial health. Consequently, we gain a real-time perspective on their cash flow, enabling us to make more informed and timely credit decisions rather than depending on outdated financial information.
For instance, many of our clients conduct cash transactions on a daily basis. Traditional financial statements often fail to capture these activities, but with Enable Banking, we can see those daily cash flows. This insight is crucial when assessing repayment capacity.
The seamless integration of Enable Banking's services has been instrumental in empowering Qred to support entrepreneurs with flexible and efficient financing options across Europe.
What do you value the most about working with Enable Banking?
We appreciate their stability, reliability, and user-friendly nature—both for our team and our customers. The integration is seamless, the service is exceptional, and it aligns perfectly with our digital-first approach. This partnership enables us to provide a smooth and uninterrupted application process that our customers truly appreciate.
What’s next for Qred Bank?
We aim for growth, expansion, and innovation. We are continually looking to enter new markets, introduce new products, and refine our processes. However, to achieve this, we need strong partners like Enable Banking to help us scale efficiently.
Where do you see financial technology for SMEs heading in the next five years?
I am optimistic that financing for small and medium-sized enterprises (SMEs) will become increasingly digital, seamless, and accessible. The era of paper applications and lengthy decision-making processes should be behind us. Fintech solutions, such as open banking, are paving the way for faster and more transparent financing options. At Qred, we are excited to be part of this shift.
If you could change anything about the global financing world, what would it be?
I would probably take away the stigma around business financing. I would like people to take the same approach to SME lending as they do to mortgages. It's not a negative, it's a positive.
I mean the expansion and creation that comes from borrowing money to build or support a business. You might need to borrow money, and that's perfectly okay, and what’s even more is that there are people out there believing in that expansion, in that creation of yours. So, yeah, I would love to take away the stigma around SME lending. To take away some of the kind of thinking like, oh is it not going well, is that why you need to borrow money?
It would mean that more people would dare to get in touch with us. But even more than that, imagine what it could mean for the growth of small businesses. And I think it's important that we start talking about financing for small and medium-sized enterprises, and that's why we're here.
Any final thoughts, Molly?
At the end of the day, we’re here to support small businesses. Their success is our success. By leveraging technology, automation, and strategic partnerships, we can offer the kind of speed and flexibility that traditional banks simply can’t. We have a super-friendly customer success team that would love to answer all types of questions and inquiries via phone, email, and chat. Whatever suits you, the customer best.
And with partners like Enable Banking, we’re just getting started.
Qred Bank is redefining SME financing with a digital-first approach, combining automation, real-time business account data, and customer-centric lending. By partnering with Enable Banking, they can seamlessly access live open banking insights, enabling faster and more accurate credit decisions. Together, we’re making business financing more accessible, flexible, and efficient for entrepreneurs across Europe.
If you’re looking to harness the power of open banking, we’d love to help you get started.