Family owned business, from smallest to market leader: "Seeing the company grow is the most rewarding part''"

According to the owner of the e-scooter company Qick, the number of e-scooters is the most important driver of growth, as it increases the availability of the service. In 2023, the company was faced with a potential investement that would make it the largest player in its market. However, this required the right financing within a short timeframe.

Milad Mahmoudyan founded Qick together with his father in Örebro in 2019. Together, they have grown the company from 80 e-scooters to approximately 2900 by the end of 2023.

Leading into 2024, an opportunity came up for Qick to make a major investment in new scooters. The investment would add around 1,400 new scooters, making Qick the largest operator in all its cities.

- It was a great opportunity for us, as a company in Germany was shutting down its operations. They had e-scooters that were only a year old, which we wanted to acquire. We planned to refurbish them and repaint them, and because they were closing down, we were able to secure a very favorable price. However, there was some time pressure, which complicated the situation since we needed external financing, says Milad Mahmoudyan

The time pressure led them to Krea

Because the company was under time pressure, they were hesitant to apply through a traditional large bank, as they believed such a process could take a long time. Since Milad Mahmoudyan had previously received emails from Krea with the information, the company remained somewhere in the back of his mind.

- I remembered that Krea had emailed us earlier and given the time pressure it felt like the smoothest option. We therefore submitted a financing application to be able to purchase the new scooters, he says.

After Milad Mahmoudyan submitted his application, he was contacted by one of Krea´s advisors and the process was underway. Everything went smoothly and his overall experience with Krea was very positive.

- We talked through the entire deal over the phone and Krea found the case interesting and saw potential in it. After that, things moved very quickly. We needed to submit a budget and a few other documents, and then the process moved along smoothly. Our advisor was on top of everything, calling back, checking in and keeping me updated throughout. He also handled all contact with banks and lenders, says Milad Mahmoudyan

Krea helped them secure a business leasing solution

Qick initially applied for a business loan. However, based on the circumstances and the company´s specific situation and needs, Krea´s advisor was able to arrange a favorable leasing agreement instead. Milad Mahmoudyan also recommends that other companies apply through Krea.

- You should definitely submit an application. It´s well worth exploring, as Krea can offer so many different solutions. When we started this application, we expected to receive a standard business loan, but it ultimately resulted in a leasing solution instead, which worked very well for us. It wasn´t something we had considered at all going in, but it´s what worked best for us, thanks to Krea, he says.

Qick is one of the companies that has received support through Krea´s free advisory service. They were assigned a personal advisor who assisted with documentation, information and communication with lenders from start to finish.

- It was a very smooth and straightforward process. Our advisor understood that things needed to move quickly. He had answers to all our questions, handled all communication with lenders, and resolved any issues that came up, he says and continues:

- It was a perfect opportunity for us to make the purchase and Krea made it possible. Without Krea, it would have been difficult, and there´s no guarantee the deal would have gone through. We will absolutely use Krea again in the future.

Entering 2024 as the market leader

Qick was able to complete the investment and is now looking ahead to continuing its journey in 2024, as the market leader in its cities.

Loan details:

• Amount: 8 million SEK
• Product: Business leasing
• Purpose: Purchase of e-scooters