It’s been some busy days in 2023 and early 2024 for Quiddly. It’s now official that we’ve achieved a “quadra-sign” and can welcome some of Sweden’s most prominent factoring providers along with one of Europe’s largest debt collection companies.
The factoring providers are Norion Bank, Norra Finans and one other provider that cannot be disclosed yet. In early 2023, Quiddly also signed an agreement with coeo – one of Europe’s largest debt collection companies. Together, the new customers have a combined revenue of 6.5 billion SEK. With the new customers, Quiddly is taking the step out of Sweden and can offer its products to both Norway and Finland.
Quiddly develops back-office and front-office systems for factoring, debt collection, and invoicing. Typical clients include banks, credit companies, and debt collection agencies. Quiddly was founded in 2019 and has since then had a CAGR of 80%.
In 2022, Quiddly’s parent company Blingdale raised 44 million SEK in new capital to accelerate growth across all three group companies. In early 2024, they’ve raised an additional 10 million SEK for further investments in their products.
It might sound like a platitude, but it’s moments like these that you live for as an entrepreneur. When you finally get to reap what you sow. But we’ve only just begun. We’ve invested heavily and continue to do so in building a really solid team. We couldn’t have achieved all this without all the amazing people who have joined forces with us.
– Jakob Carlbring, CEO, Quiddly
Norion Bank, previously known as Collector Bank, was founded in 1999. The company obtained a banking license and was listed on Nasdaq Stockholm in 2015. In 2019, a strategic transformation began towards becoming a Nordic financing bank. Since 2023, operations have been conducted through three brands: Norion Bank, Walley, and Collector.
Quiddly is a company with high innovation capacity and a clear main focus on factoring, where they develop their platform in an impressive manner with new features and logic. Their commitment, collaborative spirit, and domain knowledge have been distinctive.
We believe that factoring as a product is facing major changes, partly driven by digitalization, but also by higher expectations among customers for better usability.
With the change projects we are now implementing, together with the upcoming switch of our factoring platform, we feel confident that we will be able to meet the market’s heightened expectations and deliver a leading-edge factoring solution for our corporate customers.
– Erik Andersson, Product Manager Factoring, Norion Bank
Norra Finans has its headquarters in Haparanda and has since 2015 delivered services that enhance liquidity and improve cash flow for companies across the Nordics. Since its inception, the company has shown steady growth and has impressively tripled its volumes. Furthermore, the company has expanded its operations to several cities, including Stockholm, Helsinki, Luleå, and Vaasa. In 2018, Norra Finans Oy was established as part of the company’s expansion strategy.
In addition to Quiddly having experienced and knowledgeable staff, they share our vision and hunger for development and improvement. Why settle for a standard product when you can develop something truly fantastic? Quiddly’s modern platform gives us the opportunity to develop services that were not possible in our old platform.
Our ambitious goal is to double our revenue from today’s levels within the coming years. By achieving this, we would not only cement our strive for positioning us as industry leaders, but also open up new opportunities to continue delivering innovative services and features.
– Johanna Salmi, Marketing Manager, Norra Finans
The Germany-based collection agency coeo was founded in 2010. They have offices in seven countries with over 600 employees and have a turnover of 193 million euros. They are a customer-centric and tech-driven collection agency. They chose Quiddly as their provider for their entry into the Swedish market in 2023.
We were not only looking for a tech supplier, but for an innovative tech partner that understood our needs and reality. We wanted to create the optimal conditions for designing a great debt collection system that makes us better as both employers and suppliers.
The best about Quiddly’s technology is that it’s really simple to use, yet everything is possible! We’re being more efficient and minimize the tech-stress for our employees. At the same time, we can handle greater amounts of claims and become more competitive.
– Pernilla Almström, CEO, coeo Sweden
Quiddly by the Numbers
Quiddly was founded in 2019, driven by the need for a cloud-native, integrated, and fast-paced system supplier in the Swedish factoring market. Since then, they have successfully expanded their platform to include modules for debt collection and invoicing.
The company employs 25 people, with several new hires on their way to the R&D department. In 2023, Quiddly reported a revenue of 30 million SEK and a CAGR (Compound Annual Growth Rate) of 80%.
Quiddly is part of the Sweden-based fintech group Blingdale, which consists of three companies and boasts a combined revenue of 56 million SEK.
Learn more about our Factoring System
Quiddlys powerful factoring management module comes with prebuilt integrations to ERP systems and capital partners.
Automate the whole process of fetching, buying/approving, distributing, reminding, collecting and bookkeeping invoices. Get access to everything you need to make your factoring business thrive.