Nordic Capital Combines Qred and Liberis Into SMB Lending Giant

Nordic Capital agreed to acquire embedded finance platform Liberis and make a further investment in Qred, merging the two European fintech lenders under one roof. The deal unites Qred's regulated banking license and AI-driven credit engine with Liberis's network of more than 30 software, e‑commerce, and payment partners.

Qred, founded in Stockholm in 2015, operates under a full European banking license. Its deposit-funded balance sheet supports a proprietary credit engine that uses real-time business data to automate underwriting decisions. Liberis, founded in 2007, embeds capital products directly into the platforms small businesses already use – point-of-sale systems, marketplaces, and payment rails.

The combined entity will offer term loans, revenue-based financing, working capital lines, and corporate credit cards through both direct and embedded channels. The deal creates a fintech with annual revenues exceeding €250 million ($287 million), about 600 employees, more than 53,000 active SMB clients, and a reach of roughly 11.5 million merchant endpoints across 17 countries.