Liberis and Qred have completed their merger after approval from the Swedish Financial Supervisory Authority, combining embedded finance with banking.
The merger, first announced in June 2026, brings together Qred, a digital bank for small businesses, and embedded finance platform Liberis. The combined group serves more than 60,000 small businesses across 17 countries and has access to around 11.5 million addressable merchants through Liberis’ network of more than 30 distribution partners, including Deliveroo, Vagaro, and Nexi.
Two routes to small business finance
Qred’s deposit-funded banking model and direct customer relationships complement Liberis’ partner-led distribution, giving the group two ways to provide finance: through a regulated bank and through platforms that businesses already use. The group aims to broaden the financial services available to small businesses and its partners over time. Both companies will continue to operate under their existing brands for now, and existing partner integrations, products, and customer relationships will remain unchanged, with details on product development and brand plans to follow.
A Liberis Impact Report published in December 2025, based on a survey of more than 1,700 funded merchants in the UK and US, found that 76% of respondents had been rejected by traditional lenders at least once before turning to Liberis. In the same survey, 42% said Liberis funding had helped them create or save at least one job.
Data-driven lending decisions
Emil Sunvisson, Group CEO, stated that the combined business aims to change how the financial system serves small businesses rather than compete with banks. According to Sunvisson, lending decisions often rely on backward-looking credit scores and paperwork that takes weeks, whereas the group uses the data businesses generate every day to understand their needs, with AI helping it make faster decisions at greater scale. He added that combining a regulated bank with an embedded finance network allows the group to reach more businesses and offer more than lending alone.
Emil Anderson, Partner at Nordic Capital Advisors, which is backing the combined business, stated that small businesses remain underserved by traditional financial institutions despite their importance to the economy. According to Anderson, Nordic Capital will support the team as it scales its technology, expands into new markets, and works to improve access to finance for entrepreneurs.
