Fintech Fairown joins forces with Inbank to expand circular economy in Lithuania
Green fintech Fairown has merged with digital bank Inbank and electronics company Topo Centers to expand its products as a service platform in Lithuania.
The platform allows banks, brands and retailers to participate in the circular economy, centered around producing, consuming and reusing products to reduce both excess waste and the need for raw materials by extending products’ lifetime value.
According to Fairown, which operates in eight markets across Europe with a service used by more than 50,000 consumers, the linear economy dumps a whopping 2.12 billion tonnes of waste each year.
Its complete suite of software and services offers products for monthly subscriptions and manages the entire product lifecycle from purchase to periodic renewals, reuse and recycling.
Following a partnership with Topo Centras – member of one of the largest trade alliances, Euronics – and Inbank, their new solution, TOPO FLEX, will promote the offer of circular economy in Lithuania’s consumer electronics market. Under the partnership, Fairown will manage product renewal cycles; Inbank will provide product financing; and Topo Centras will sell products to consumers.
Hendrik Roosna, CEO of Fairown, says the new solution gives consumers the freedom to put together the desired basket at the point of sale, including products, accessories and services – all conveniently in one package.
“They can only pay for the time they use the products, buy at a lower price without upfront costs or additional costs, and make green and conscious choices,” says Roosna. “This is a new and innovative combination in Lithuania’s consumer electronics market, which we are pleased to launch with Inbank and Topo Centras, the leading consumer electronics player in the country. As Topo Centras is part of the Euronics Group, the future may see us rolling out this innovative the solution across the entire group.”
Sustainable operation
Fairown says the demand for sustainable initiatives is increasing in consumer behavior with people looking to buy solutions, not products. Research shows that 74 percent of consumers prefer experience to ownership of products. This rises to 90 per cent of Generation Z – who believe that companies must address environmental issues.
The survey of 4,000 product subscription users in the Nordics also found that 70 percent of consumers buy a product because of the availability of our responsible purchase option.
“Innovation is the key driver for Topo Centras and this unique product called TOPO FLEX will be our major relaunch towards the end of 2022,” explains Remigijus Štaras, CEO of Topo Centras. “We enter the most important period of the year – Christmas – by being even more competitive, not only in terms of better offers, but also sustainability, as Fairown will guarantee a new life for the devices used by our customers.
While Vaidotas Rimeikis, Country Manager for Lithuania at Inbank, added: “With the electronics market changing beyond recognition over the last few decades, consumers are looking for new solutions on how to get the most up-to-date products in a sustainable way. That’s why we are delighted to to see our collaboration with Fairown and Topo Centras bring this innovative shopping option to the Lithuanian market. We believe it will benefit consumers by providing an alternative way to shop.”
Fairown has already established a strong presence in the Nordics and Baltics and recently launched in Poland as part of its central European expansion plans.
