Nordic Capital Evolution I to partially exit Qred

Nordic Capital has agreed to acquire Liberis, a global embedded finance platform, and combine it with Qred, the European digital SMB bank in which Nordic Capital Evolution invested in 2021. The deal creates a combined group with ~600 employees, revenues exceeding EUR 250 million, and an active customer base of over 53,000 SMBs across 17 countries. The combined platform will offer term loans, revenue-based financing, working capital lines, cards and other financial products through both direct and embedded channels.

The transaction marks a partial exit for Nordic Capital Evolution I, which invested in Qred in 2021 and has since seen it transform from a Nordic digital lender into a regulated European bank with a full banking licence and a broader product suite. Going forward, Nordic Capital XI will become the majority shareholder of the combined group, with Nordic Capital Evolution I retaining a minority interest alongside new co-investor Verdane. Qred founder and CEO Emil Sunvisson will lead the combined business.

Liberis, founded in 2007 and backed by Blenheim Chalcot, brings a global embedded finance network of 30+ partners across Europe, the UK and North America, through which it has served over 70,000 SMBs. The combination pairs Qred’s direct banking platform and AI-powered credit engine with Liberis’s embedded distribution, creating a broader solution to the structural SMB financing gap. Financial terms were not disclosed; completion is expected later in 2025, subject to regulatory approvals.