Private equity firm Nordic Capital has announced an agreement to acquire Liberis, a London-based embedded finance specialist, while also expanding its existing investment in Qred, a Stockholm-headquartered digital bank focused on small and medium-sized businesses (SMBs). The transaction will combine the two companies into a unified global platform designed to deliver a broader range of financing solutions to underserved SMBs.
SMBs make up the vast majority of businesses worldwide and drive significant employment and economic activity.
However, traditional banks have long struggled to serve this segment effectively, creating a persistent financing gap estimated in the trillions.
Qred and Liberis have each developed distinct approaches to closing this gap, and their integration is expected to create a more comprehensive offering.
Qred was founded in 2015 by entrepreneurs seeking to simplify financing for small businesses.
It has grown into a licensed European bank with operations across several Northern European markets and beyond.
The company uses advanced AI-driven credit assessment tools to provide fast, automated lending decisions alongside other products such as credit cards and savings accounts.
It has already supported tens of thousands of businesses with flexible, data-powered financial services.
Liberis, established in 2007, pioneered embedded finance by integrating funding options directly into the software platforms, marketplaces, and payment systems that businesses use daily.
Through partnerships with dozens of technology providers across Europe, the UK, and North America, it has helped more than 70,000 small businesses access capital in a seamless, contextual way without requiring separate applications.
The combined business will blend Qred’s direct-to-customer banking and lending capabilities with Liberis’s partner-embedded distribution model.
This integration is intended to expand the product range to include term loans, revenue-based financing, working capital solutions, cards, and additional services over time.
The platform will operate through both direct channels and existing partner integrations, aiming for minimal disruption while increasing geographic reach and product variety.
On a combined basis, the new entity is projected to have roughly 600 employees, annual revenues exceeding €250 million, more than 53,000 active SMB customers, and potential access to approximately 11.5 million merchants across 17 countries.
Leadership of the merged group will be led by Qred founder and CEO Emil Sunvisson as Group CEO.
Liberis CEO Rob Fairfield will serve as Deputy CEO, ensuring continuity and leveraging expertise from both organizations.
Nordic Capital XI is set to become the majority shareholder upon completion, with Nordic Capital Evolution I retaining an interest and Verdane joining as a new co-investor.
Sunvisson will also hold a minority stake in the combined company.
The deal reflects Nordic Capital’s strong conviction in the long-term growth potential of technology-enabled SMB finance.
Executives from both companies have noted that the combination creates opportunities to accelerate innovation, expand offerings, and support more entrepreneurs globally by building on the complementary strengths each business has developed.
The transaction remains subject to customary regulatory approvals and closing conditions, with completion expected later in 2026.
Until then, both companies will continue operating independently with no immediate changes to existing products, services, or partner relationships.
This move highlights ongoing consolidation in fintech as investors and companies seek scale to better address the structural challenges facing small businesses. By uniting direct lending expertise with embedded finance technology, the new platform aims to deliver more accessible, flexible, and comprehensive financial support to millions of SMBs worldwide.