Qred and Liberis are set to join forces in a transaction designed to create a major global platform for small and medium-sized business financing. Nordic Capital has agreed to acquire Liberis and make a further investment in Qred, bringing together two companies focused on improving access to capital for underserved businesses. The proposed combination is expected to strengthen both direct and embedded finance channels across Europe, the United Kingdom, and North America.
A New Platform for SMB Financing
The deal reflects growing demand for flexible financial products tailored to small businesses, many of which continue to face limited access to traditional bank lending. Qred and Liberis have approached this challenge from different but complementary positions, with Qred building a regulated digital banking platform and Liberis expanding through embedded finance partnerships. Together, the companies plan to offer a broader suite of financing products across multiple markets and customer segments.
Complementary Business Models
Founded in Stockholm in 2015, Qred has developed into a digital small business bank with a full banking licence and a deposit-funded balance sheet. The company uses a proprietary AI-powered credit platform to assess real-time business data and deliver fast financing decisions to entrepreneurs. Its product range has expanded beyond lending to include credit cards, savings products, and other financial services across Northern Europe.
Liberis, founded in 2007, has built a global embedded finance platform that enables software providers, payment companies, marketplaces, and financial platforms to offer funding to their business customers. The company has supported more than 70,000 small businesses through a partner network spanning Europe, the United Kingdom, and North America. Its API-based model allows partners to integrate financing solutions into existing workflows while using platform and business data to support eligibility, pricing, and delivery.
Scale and Growth Ambitions
The combined business is expected to have about 600 employees, more than €250 million in revenue, and an active customer base exceeding 53,000 SMBs. It will also have access to roughly 11.5 million addressable merchants across 17 countries, giving the group a larger base for product expansion and geographic growth. The planned platform will span term loans, revenue-based financing, working capital lines, cards, and future financial products delivered through both direct and partner-led channels.
Ownership and Leadership
Following completion, Nordic Capital XI will become the majority shareholder of the combined company, while Nordic Capital Evolution I will retain an interest and Verdane will join as a co-investor. Emil Sunvisson, founder and CEO of Qred, will remain a minority shareholder and is expected to lead the combined business as Group CEO. Financial terms of the transaction were not disclosed, and completion remains subject to customary regulatory approvals and closing conditions.
The transaction also marks a significant milestone for Liberis shareholders, led by Blenheim Chalcot, which supported the company from its early development into a scaled embedded finance provider. Until the deal closes, Qred and Liberis will continue to operate independently, with no planned changes to existing products, services, partner relationships, or growth plans. Perella Weinberg advised Qred and Nordic Capital Evolution I, while BofA Securities advised Nordic Capital XI, and Blenheim Chalcot led the transaction for Liberis shareholders.
The planned combination of Qred and Liberis highlights the continuing evolution of SMB finance as digital banking and embedded finance models converge. By joining Qred’s regulated banking infrastructure with Liberis’ partner-led distribution network, the group aims to create a larger and more diversified platform for business financing. If completed, the transaction would position the combined company to expand its reach, broaden its product offering, and support more entrepreneurs across international markets.