Swedish business-to-business (B2B) financial provider Qred on Monday (April 4) unveiled a new payments platform that’s designed to help small businesses free up short-term capital and save them time when they’re paying their bills, according to a company announcement.
The new service, which will be available on Qred’s app, allows businesses to pay any invoice with the Qred Visa card, giving them up to 45 days of interest-free credit and no additional fees.
“Tens of billions of dollars worth of invoices are issued each year and for most businesses the only way to pay them is to use cash directly from their account since most suppliers or vendors don’t accept card payments,” said Emil Sunvisson, CEO of Qred, in the company announcement.
“With our new payment platform, small businesses can use their Qred Visa to pay any invoice they have with much more flexible payment terms,” he said. “This frees up much-needed, short-term cash which is the life blood of most entrepreneurs.”
The new payment service is available to all Qred Visa cardholders and can be accessed via Qred’s app, with additional payment options added in the future.
Qred also announced Nordic Capital is investing an additional €10 million (almost $11 million) of capital as part of its ongoing support and commitment, allowing Qred to continue to deliver its products and services to small businesses throughout Northern Europe.
Related: Israeli Startup Anchor Builds Streamlined B2B Payments Processing Platform
Elsewhere on the B2B payment front, Israeli FinTech Anchor is looking to streamline small business B2B transactions. The Tel Aviv company was founded in 2019 by CEO Rom Lakritz, CTO Leeor Aharon and CRO Omry Man. It offers a full-cycle, autonomous, end-to-end billing and payments solution that works for smaller businesses.
Anchor’s platform lets businesses make electronic agreements, which are a more versatile, non-blockchain version of smart contracts. The agreements set up the terms and conditions for collaborations, including payments. They also work as the lone source of truth for the automated payments and take in companies’ banking details.
The setup allows companies to issue, pay and reconcile invoices in a fully automated way.
