Irish FinTech company FixxFi has launched an embedded finance solution for the auto and home repair industries, the company announced in a news release Monday (Aug. 29).
The firm stated that “current financial products are lacking and burdened with outdated, inflexible options. As a result, repair businesses are often forced to take up the slack with discounts or sub-par fixes.”
The FixxFi solution offers funding for unexpected repairs, and users can access the funds via a quick approval process through the FixxFi app at the point of service. Both on-chain and off-chain technology is used in this process, according to the release.
Businesses that choose to partner with FixxFi will have a dedicated customer base that prefers to use companies that accept the line of credit, per the release. The startup said its customer retention system is enhanced by the app, which allows users to locate and schedule repairs with an approved partner.
FixxFi is positioning the credit solution as an accessible and flexible alternative to paying for repairs with a credit card. In the release, the company said that the strong independent repair sectors in the U.K. and Italy make these areas the target markets with the greatest demand.
It added that FixxFi has carried out market research using the Ibis World Vehicle Repair and Maintenance reports for Italy and the U.K. and found that in 2021, the independent repair market’s total available market (TAM) was €57.5 billion ($57.45 billion).
FixxFi even has its own cryptocurrency that will help power payments on the app: the FIXX token. The company has also stated its intention to issue a native corporate stablecoin backed with fiat.
The FIXX token is issued on the Elrond network, a blockchain network designed to help speed payment rails. Earlier this year, the company behind the Elrond network announced that it was acquiring the Romanian payments firm Twispay.
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