Irish FinTech company FixxFi has launched an embedded finance solution for the auto and home repair industries, the company announced inside a news release Monday (Aug. 29).
The firm stated that \”current financial products lack and burdened with outdated, inflexible options. Consequently, 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 with the FixxFi app at the reason for service. Both on-chain and off-chain technology is used in this process, based on the release.
Businesses that decide to partner with FixxFi have a dedicated customer base that would rather use firms that accept the road of credit, per the release. The startup said its customer retention product is enhanced through the app, that allows users to locate and schedule repairs by having an approved partner.
FixxFi is positioning the credit solution as an accessible and flexible option to paying for repairs having a credit card. In the release, the company asserted 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 also the U.K. and located that in 2022, the independent repair market's total available market (TAM) was EUR57.5 billion ($57.45 billion).
FixxFi even has its own cryptocurrency that can 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 disseminated around the Elrond network, a blockchain network made to help speed payment rails. Captured, the company behind the Elrond network announced it's acquiring the Romanian payments firm Twispay.