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The Connector Podcast - NFF 2025 - Banking on Relationships: How QRED Transforms SME Lending
Bridging the gap between innovative fintech solutions and traditional banking, QRED Bank is rewriting the rules for SME financing across Europe. In this revealing conversation with Norway Country Manager Kristina, we explore how QRED transformed from an ambitious startup into a fully-licensed bank without losing its entrepreneurial spirit or customer-first approach.
The statistics are startling: small and medium-sized enterprises make up 99% of all European businesses and contribute 36% of all taxes, yet receive merely 1% of traditional bank funding. This glaring disparity drives QRED's mission to create more accessible financing options for businesses that form the backbone of our economies.
What sets QRED apart isn't just their technology—it's their understanding that behind every loan application is a real business with unique needs. "Time is valuable for any business owner," Kristina explains. They don't want to spend hours filling out five-page loan applications." This recognition has shaped their approach, from streamlined application processes to the surprisingly simple competitive advantage of answering the phone when customers call.
The journey hasn't been without challenges. When entering the Norwegian market, QRED encountered unexpected cultural resistance to non-traditional lending. Rather than forcing their existing model, they adapted through education and trust-building. This flexibility, combined with their data-driven insights from a decade of SME lending, allows them to tailor financial solutions that work for business owners.
Curious about how fintech innovation can coexist with banking regulation? Want to understand how open banking is revolutionising SME lending? Listen now to discover how QRED reimagines financial services one relationship at a time. Follow us for more conversations connecting the worlds of fintech, banking, and regulatory innovation.
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Koen Vanderhoydonk
koen.vanderhoydonk@jointheconnector.com
#FinTech #RegTech #Scaleup #WealthTech
Welcome to the Connector Podcast, an ongoing conversation connecting fintechs, banks and regulators worldwide. Join CEO and founder Cohen van der Hooydonk as you learn more about the latest available trends and solutions in the markets.
Koen Vanderhoydonk:Welcome to another Connector Podcast, and this time we're sort of streaming directly from the Norway Fintech Festival. We're not, we're doing a recording after the festival, and I'm here with Kristina Kristina from QRED. Kristina, who are you and what do you do at CRED?
kristina Maliberg:Hi, nice to meet you and thank you for this opportunity. So yes, today I am the country manager for Norway at QredBank and we offer business loans to SMEs. I actually personally relocated from Norway to Sweden specifically to establish this market from the ground up, so it's been quite a journey of growth, both professionally and personally, and after three years at QRED, I really developed a passion for strategic management and leadership, especially in fast-moving fintech environments, and I'm excited to be here.
Koen Vanderhoydonk:Like us. We are very excited to have you. When you look at QRED, QRED has been tremendously rapidly expanding in several European countries since 2015,. I believe, yes. Can you tell us a bit more about the journey? Where did it start and where does it land at where we are today?
kristina Maliberg:So our journey has been quite unique. We have three entrepreneurs that started and established the market in sweden first of all, and then we have almost every year expanded to a new market across europe and norway launched in 2022 and each of one comes with its set of challenges and opportunities. So in some markets, especially outside of the Nordics, like Belgium or the Netherlands, one of the biggest hurdles is access to reliable data, compared to countries like Norway or Sweden.
kristina Maliberg:So the difference is quite striking, and this means that credit decisions rely more heavily on the customer relationship and less on transparent, systematic data. What I also would like to highlight is that, since I'm the country manager for Norway, the challenge has been actually more behavioral. We didn't expect that, because when we entered the market with a relatively unfamiliar product during a tough economic period, norwegian SMEs they are generally cautious, and there has been a strong skepticism around taking on debt, especially from a newer and non-traditional lender.
Koen Vanderhoydonk:So for us, building trust has been absolutely essential, and so has educating the market on how flexible financing can actually support growth rather than hinder it well then, maybe a good question following up on that trust, because in 2023, you became a full bank license in sweden and that was from a fintech company into a full licensed bank. That that's correct. Did that help with trust and how was that journey?
kristina Maliberg:Oh, that is a great question. Absolutely. I actually think that becoming a licensed bank made everything better, and for a long time we said that we don't want to become like traditional banks, particularly knowing how underserved small businesses are. And just to put it in perspective SMEs make up to 99% of all businesses in Europe, 67% of private employment and contribute to 36% of all taxes, yet they receive only 1% of the bank's funding. So, yes, we became a bank, but for us, it's more about what kind of bank we want to be. The license means that we can now fund lending through our own deposit accounts instead of relying on third parties. That gives us more control, enables sustainable growth and lets us invest in innovation without compromising profitability, and in Norway specifically, the shift has been incredibly positive. Becoming a bank carries weight, so it signals stability and trust, which is so important in a market where skepticism toward borrowing is high.
kristina Maliberg:So, while our operations are more robust, we're staying true to our mission of supporting small businesses in a faster and more flexible way.
Koen Vanderhoydonk:You mentioned that word, flexible, and I think that's interesting to match that up with what is a very transactional business. At the end, it's literally providing a loan. But how does that work, and what are so specific within the Norwegian market? And then, how do you customize these type of products? What? What's the magic?
kristina Maliberg:sauce here.
kristina Maliberg:I think one of the biggest strengths at Qred is the amount of data we actually built up over the past 10 years.
kristina Maliberg:So this allows us to predict customer behavior and really understand what matters to the different segments, because the needs of a small cafe owner are very different from a growing logistic company, for example. So when we have learned that it's above all, time is what is valuable for any business owner, they don't want to spend hours filling out five-page loan applications and they they're just busy running their own business, just like we are. So how do we actually tailor the financing? Because it can seem a bit rigid to be more flexible, but the key for us is quite simple and quite often overlooked we talk to them, real conversations, and from the very first call we work to understand their situation and then we tailor loan terms to fit to their needs, not the other way around. So we also maintain a continuous dialogue all the way through the final repayment. And that human touch combined with smart use of data is really what have allowed us to serve Norwegian SMEs in a way that feels personal, fast and relevant.
Koen Vanderhoydonk:Well, on one hand, you obviously got technology and you bring people, human emotions, to the mix, but another important thing to put to the mix is regulations and being compliant. So how does that work? How does that last bit bring some challenges to the mix is regulations and being compliant.
kristina Maliberg:So how does?
Koen Vanderhoydonk:that work. How does that last bit bring some challenges to the?
kristina Maliberg:mix. Yeah well, staying ahead in innovation and remaining compliant isn't an either-or conversation. It's built into how we operate and since the day one, we have had incredibly talented people in the company and a strong culture that encourages ownership, curiosity and cross-functional collaboration. We have a very flat structure at Qred and this allows us that we both move fast, but we also invest in education, educating our teams and build real expertise. I personally come from a traditional banking background, so when I built our team in Norway, I was intentional about hiring a 50-50 mix half with experience from bank, half from fintech or entrepreneurial backgrounds because I knew that becoming a bank meant compliance and it couldn't be treated as an afterthought. It's not optional, it's foundational.
Koen Vanderhoydonk:I'm happy you say that.
kristina Maliberg:Exactly, and I think what has made us succeed in that area is definitely by being proactive, staying ahead of the regulatory changes, because then it doesn't have to be overwhelming, I think. I think we get a bit scared of that regulation and compliance, but it is actually um, I actually work, enjoy working with it. I am highly structured by nature, so for me it's about turning regulatory frameworks into a competitive advantage, and when you embed it into your product and process processes early, you don't have to compromise on either quality or efficiency.
Koen Vanderhoydonk:Something else that's very often has been named nowadays is beyond banking, and what I find interesting in this story is that your beyond banking is the human touch. How do you see it?
kristina Maliberg:Yes, definitely. It's all about the relationship you build with the customers, and our biggest way we build lasting connections is through our customer service, and this goes for all markets. At Qred, we make it a priority to be available across all channels phone, email, chat whenever our customer needs us and, honestly, one of the things we hear all the time is how they are surprised that people actually pick up the phone.
Koen Vanderhoydonk:Just a normal conversation, right?
kristina Maliberg:Yes, and that might sound basic, but in today's financial landscape, that is what really makes us stand out, and the level of accessibility and support is consistent across all markets customers to feel that they're not just dealing with a platform or a system, but with real people who understand what they're going through, and that we are there to help them.
Koen Vanderhoydonk:So it's personalization based upon data.
kristina Maliberg:Do, you do?
Koen Vanderhoydonk:other things with data and automation potentially.
kristina Maliberg:Yes, definitely.
kristina Maliberg:I think we are very good at leveraging the data to streamline all of our credit decision processes, and it's really the core of how we operate at Qred.
kristina Maliberg:We build our own credit models tailored to each individual market, and the credit models are based on all of the data we have gathered from working with SMEs past the past decade, and so this allows us to automate a large part of the credit decisions. Also with what I talked a bit about earlier is with the customer behavior aspect, and Most recently we introduced tools like Enable Banking, so this allows us to access real-time financial data directly from our customers' bank accounts, and that kind of data scraping lets us analyze their cash flow and tailor loan offers based on their actual financial situation. So it also goes a bit back to what I talked about time, because time is so important for the business owners. So the more data we can actually gain, the more we can actually facilitate for a smoother experience for the customer. And we also use Trustly so they get actually, when the loan is approved, they get it in their bank account within minutes wow.
Koen Vanderhoydonk:So it almost feels that in this podcast we we taking the big five of innovation. We have sort of ticked up, tick all the boxes. Now we did psd2. Open banking, yes, exactly. So, looking ahead a bit, an open book, uh, what is next on stall for QRED?
kristina Maliberg:And I think that depends a bit on who answers the question, because a lot of, I think, my colleagues would have different kinds of answers based on what they actually work with.
kristina Maliberg:So I'm going to answer this from a more personal view, because we have a lot of initiatives going on and I'm really excited about that. But I am quite passionate about how our brand continues to evolve, because even as we grow and take on new roles, like becoming a fully licensed bank our mission has remained the same to empower entrepreneurs and help them grow with the right financial tools. And becoming a bank hasn't really changed that. It's only supercharged our ability to reach more people. We're not weighted down by bureaucracy or slow processes. We're agile, innovative and generally focused on small business owners because we think that they deserve better.
kristina Maliberg:And now that we've built our strong brand in our existing markets, I'm especially excited about working even closer with all the country managers and exploring new partnerships. I really see a big opportunity to collaborate, learn from each other and create ways to reach even more business owners across europe. So that's what's the next next chapter is about scaling our impact while staying true to who we are it's a very inspirational, and that really brings me to where we met at the, the norwegian fintech festival.
Koen Vanderhoydonk:But what can you share about the festival?
kristina Maliberg:Yes, I was quite inspired. I think there was a lot of good leaders and keynote speakers talking very passionately about their own company and their own customers, and it was a lot about talks about the customer experience, because that is ever evolving and I think customers also have more demands towards the lender or the company and that means that we need to change in order to be innovative. We need to dare to take that change. So I think everybody was trying to challenge the idea and the topic on what is customer experience and how do you set yourself apart from the others, and I think a lot of individuals inspired me and it was quite fun attending the festival.
kristina Maliberg:I would love to do that again.
Koen Vanderhoydonk:Yeah, well, next year is another opportunity.
kristina Maliberg:Yes, I hope to be there.
Koen Vanderhoydonk:Exactly, exactly, Well, it almost. I agreed with these conversations Very often it was also put in sort of perspective with AI, but I guess that's for another conversation. But I just wanted to name it because then we had the big five. Yes, exactly with AI, but I guess that's for another conversation. But I just wanted to name it because then we had the big five.
kristina Maliberg:Yes, exactly AI. Yes, that is also a hot topic.
Koen Vanderhoydonk:No, no, I'm sure that you touched the hearts of many business owners. So, as we're going to the ends of this podcast, maybe Christina can you share. How can an SME, how can a business, contact you? How can they start a process?
kristina Maliberg:So, depending on where you have located your business, you can go to our specific websites and we also have English translation on the website, so you can find it quite easily and then you can contact our customer service through email, chat or phone, and you can also find all the necessary contact information at LinkedIn.
Koen Vanderhoydonk:Great, Christina. Thank you so much for sharing all these insights. Thank you also to the audience and please stay tuned for more news from the financial industry. Thank you so much.
kristina Maliberg:Thank you so much.
Koen Vanderhoydonk:Bye-bye, bye.
Speaker 1:Thanks for listening to another episode of the Connector Podcast. To connect and keep up to date with all the latest, head over to wwwjointhaconnectorcom or hit subscribe via your podcast streaming platform.