In this episode of the Connector Podcast, recorded after the Norway FinTech Festival, host Koen Vanderhoydonk interviews Kristina, Country Manager for Norway at CRED Bank. Kristina outlines CRED’s rapid European expansion since 2015, highlighting the 2022 launch in Norway and the distinct challenges each market presents, especially the scarcity of reliable data outside the Nordics and the behavioral skepticism of Norwegian SMEs toward non‑traditional lenders. She explains how obtaining a full banking licence in Sweden in 2023 bolstered trust, allowed CRED to fund loans via its own deposits, and reinforced its mission to serve underserved small businesses. The conversation then moves to CRED’s “human‑touch” flexible lending approach: using a decade of data to predict customer behavior, keeping loan applications short, and tailoring terms through real conversations. Kristina discusses how CRED balances rapid innovation with strict regulatory compliance by hiring a 50/50 mix of banking and fintech talent, fostering a flat, collaborative culture, and treating compliance as a competitive advantage. The importance of beyond‑banking customer service—multi‑channel availability and personal phone support—is presented as a key differentiator. Technical depth is provided on CRED’s data‑driven credit models, the use of Open Banking tools like Enable Banking for real‑time cash‑flow analysis, and instant payouts via Trustly, illustrating how automation and PSD2 capabilities streamline the lending process. Looking ahead, Kristina shares CRED’s vision to scale impact across Europe, deepen partnerships among country managers, and evolve the brand while staying true to its SME‑focused mission. The episode closes with reflections on the Norway FinTech Festival, a brief nod to AI as an emerging topic, and practical information for SMEs on how to contact CRED.
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Welcome to the Connector Podcast, an ongoing conversation connecting fintechs, banks, and regulators worldwide. Join CEO and founder Koen Vanderhoydonk as you learn more about the latest available trends and solutions in the markets.
Welcome to another Connector Podcast, and this time we're sort of streaming directly from the Norway Fintech Festival, but we're not. We're doing a recording after the festival, and I'm here with Kristina, Kristina from CRED. Kristina, who are you and what do you do at CRED?
Hi, nice to meet you and thank you for this opportunity. So yes, today I am the country manager for Norway at CRED Bank, and we offer business loans to SMEs. I actually personally relocated from Norway to Sweden specifically to establish this market from the ground up. So it's been quite a journey of growth, both professionally and personally. And after 3 years at CRED, I really developed a passion for strategic management and leadership, especially in fast-moving fintech environments. And I'm excited to be here.
No, like us, we are very excited to have you. When you look at CRED, CRED has been tremendously rapidly expanding in several European countries since 2015, I believe.
Yes.
Can you tell us a bit more about the journey? Where did it start and how does it— where does it land at where we are today?
So our journey has been quite unique. We have 3 entrepreneurs that started and established the market in Sweden, first of all. And then we have almost every year expanded to a new market across Europe. And Norway launched in 2022, and each one comes with its set of challenges and opportunities. So in some markets, especially outside of the Nordics like Belgium or the Netherlands, one of the biggest hurdles is access to reliable data compared to countries like Norway or Sweden. So the difference is quite striking. And this means that credit decisions rely more heavily on the customer relationship and less on transparent, systematic data. What I also would like to highlight is that since I'm the country manager for Norway, the challenge has been actually more behavioral. We didn't expect that because when we entered the market with a relatively unfamiliar product during a tough economic period, Norwegian SMEs They are generally cautious and there has been a strong skepticism around taking on debt, especially from a newer and non-traditional lender. So for us, building trust has been absolutely essential. And so has education, educating the market on how flexible financing can actually support growth rather than hinder it.
Well, then Maybe a good question following up on that trust, because in 2023 you became a full bank license in Sweden, and that was from a fintech company into a full licensed bank.
That's correct.
Did that help with trust, and how was that journey?
Oh, that is a great question. Absolutely. I actually think that becoming a licensed bank made everything better. And for a long time we said that We don't want to become like traditional banks, particularly knowing how underserved small businesses are. And just to put it in perspective, SMEs make up to 99% of all businesses in Europe, 67% of private employment, and contribute to 36% of all taxes. Yet they receive only 1% of the bank's funding. So yes, we became a bank, but for us it's more about what kind of bank we want to be. The license means that we can now fund lending through our own deposit accounts instead of relying on third parties. That gives us more control, enables sustainable growth, and lets us invest in innovation without compromising profitability. And in Norway specifically, the shift has been incredibly positive. Becoming a bank carries weight, so it signals stability and trust. which is so important in a market where skepticism toward borrowing is high. So while our operations are more robust, we're staying true to our mission of supporting small businesses in a faster and more flexible way.
You mentioned that word flexible, and I think that's interesting to match that up with what is a very transactional business at the end. It's literally providing a loan. But how does that work and what is so specific within the Norwegian market? And then how do you customize these type of products? What's the magic sauce here?
I think one of the biggest strengths at CRED is the amount of data we actually built up over the past 10 years. So this allows us to predict customer behavior and really understand what matters to the different segments. Because the needs of a small cafe owner are very different from a growing logistics company, for example. So when we have learned that it's above all time is what is valuable for any business owner. They don't want to spend hours filling out 5-page loan applications and they, they're just busy running their own business just like we are. So how do we actually tailor the financing? Because it can seem a bit rigid to be more flexible. But the key for us is quite simple and quite often overlooked. We talk to them, real conversations, and from the very first call, we work to understand their situation. And then we tailor loan terms to fit to their needs, not the other way around. So we also maintain a continuous dialogue. All the way through the final repayment. And that human touch combined with smart use of data is really what has allowed us to serve Norwegian SMEs in a way that feels personal, fast, and relevant.
Well, on one hand, you obviously got technology and you got— you bring people, human emotions to the mix. But another important thing to put to the mix is regulations and being compliant. So how does that work? How does that last bit bring some challenges to the mix?
Yeah, well, staying ahead in innovation and remaining compliant isn't an either-or conversation. It's built into how we operate. And since day one, we have had incredibly talented people in the company and a strong culture that encourages ownership, curiosity, and cross-functional collaboration. We have a very flat structure at CRED, and this This allows us that we both move fast, but we also invest in education, educating our teams and build real expertise. I personally come from a traditional banking background. So, when I built our team in Norway, I was intentional about hiring a 50/50 mix, half with experience from bank, half from fintech or entrepreneurial backgrounds, because I knew that becoming a bank meant compliance and it couldn't be treated as an afterthought. It's not optional, it's foundational.
I'm happy you say that.
Exactly. And I think what has made us succeed in that area is definitely by being proactive, staying ahead of the regulatory changes, and because then it doesn't have to be overwhelming. I think we get a bit scared of that. Regulation and compliance, but it is actually, I actually work, enjoy working with it. I'm highly structured by nature. So for me, it's about turning regulatory frameworks into a competitive advantage. And when you embed it into your product and process, processes early, you don't have to compromise on either quality or efficiency.
Something else that very often has been named nowadays is beyond banking. And what I find interesting in this story is that your beyond banking is the human touch. How do you see it?
Yes, definitely. It's all about the relationship you build with the customers. And our biggest way we build lasting connections is through our customer service. And this goes for all markets at CRED. We make it a priority to be available across all channels phone, email, chats, whenever our customer needs us. And honestly, one of the things we hear all the time is how they are surprised that people actually pick up the phone.
Just a normal conversation, right?
Yes. And that might sound basic, but in today's financial landscape, that is what really makes us stand out. And the level of accessibility and support is consistent across all markets. We want our customers to feel that they're not just dealing with a platform or a system, but with real people who understand what they're going through and that we are there to help them.
So it's personalization based upon data. Do you do other things with data and automation potentially?
Yes, definitely. I think we have, we are very good at leveraging the data to streamline all of our credit decision processes.
Mm-hmm.
And it's really the core of how we operate at CRED. We build our own credit models tailored to each individual market, and the credit models are based on all of the data we have gathered from working with SMEs past the past decade. And so this allows us to automate a large part of the credit decisions. Also with what I talked a bit about earlier is with the customer behavior aspect. And most recently we introduced tools like Enable Banking. So this allows us to access real-time financial data directly from our customers' bank accounts and that kind of data scraping Let's analyze their cash flow and tailor loan offers based on their actual financial situation. So also goes a bit back to what I talked about time, because time is so important for the business owners. So the more data we can actually gain, the more we can actually facilitate for a smoother experience for the customer. And we also use Trustly. So they get actually, when the loan is approved, They get it in their bank account within minutes.
Wow. So it almost feels that in this podcast, we're taking the big 5 of innovation. We have sort of ticked all the boxes. Now we did PSD2 open banking.
Yes, exactly.
So looking ahead a bit, an open book, what is next on stall for CRED?
And I think that depends a bit on who answers the question. Because a lot of, I think my colleagues would have different kinds of answers based on what they actually work with. So I'm going to answer this from a more personal view because we have a lot of initiatives going on and I'm really excited about that. And, but I am quite passionate about how our brand continues to evolve because even as we grow and take on new roles, like becoming a fully licensed bank, our mission mission hasn't— has remained the same, to empower entrepreneurs and help them grow with the right financial tools. And becoming a bank hasn't really changed that. It's only supercharged our ability to reach more people. We're not weighted down by bureaucracy or slow processes. We're agile, innovative, and generally focused on small business owners because we think that they deserve better. And now that we've built our strong brand in our existing markets, I'm especially excited about working even closer with all the country managers and exploring new partnerships. I really see a big opportunity to collaborate, learn from each other, and create ways to reach even more business owners across Europe. So that's what the next, next chapter is about. Scaling our impact while staying true to who we are.
It's very inspirational. And that really brings me to where we met at the Norwegian FinTech Festival. What can you share about the festival?
Yes, I was quite inspired. I think there was a lot of good leaders and keynote speakers talking very passionately about their their own company and their own customers. And it was a lot about talks about the customer experience because that is ever-evolving. And I think customers also have more demands towards the lender or the company, or, and that means that we need to change in order to be innovative. We need to dare to take that change. So I think everybody was trying to challenge the idea and the topic on what is customer experience and how do you set yourself apart from the others. And I think a lot of individuals that inspired me and it was quite fun attending the festival. I would love to do that again.
Yeah, well, next year is another opportunity.
Yes, I hope to be there.
Exactly. Exactly. Well, it almost— I agreed with these conversations very often. It was also put in sort of perspective with AI, but I guess that's for another conversation. But I just wanted to name it because then we had the big 5. We ticked the box. Yes, exactly.
AI.
Yes, that is also a hot topic.
No, no, I'm sure that you touched the hearts of many business owners. So As we're going to the end of this podcast, maybe, Kristiina, can you share how can an SME, how can a business contact you? How can they start the process?
So depending on where you have located your business, you can go to our specific websites. And we also have English translation on the website, so you can find it quite easily. And then you can contact our customer service through email, chat, or phone. And you can also find all the necessary contact information at LinkedIn.
Great. Christina, thank you so much for sharing all these insights. Thank you also to the audience, and please stay tuned for more news from the financial industry. Thank you so much.
Thank you so much.
Bye-bye. Bye.
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