Swedish business-to-business (B2B) financial provider Qred has launched a new payments platform to help small businesses free up short-term capital and enhance the bill payment process.

The new service will enable businesses to pay any invoice with Qred VISA cards without additional charges.

It is available to all Qred VISA card holders through Qred’s app.

The company plans to introduce additional payment options to the platform in the near future.

Qred CEO Emil Sunvisson said: “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.

“With our new payment platform, small businesses can use their Qred VISA to pay any invoice they have with much more flexible payment terms. This frees up much needed, short-term cash which is the life blood of most entrepreneurs.”

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Meanwhile, Qred has secured an additional €10m investment from Nordic Capital to support the launch of the platform and to drive its overall growth.

The company said that the fresh capital will enable it to continue offering products and services to small businesses across Northern Europe.

Last month, Canada-based payments firm Helcim, which focuses on small- to medium-sized businesses (SMBs), raised $16m in a Series A funding round.

This February, B2B payments firm TreviPay snapped up technology firm Baton Financial Services to accelerate its technical resources to support the B2B payment space.