Fintech steps into the car and home repair industry with FixxFi
Dublin, Ireland, August 29, 2022 — One of the arguments against cryptocurrencies has been: What’s the point of having a currency if you can’t use it? While many projects are trying to establish utility for their tokens outside of the blockchain world, not many companies are using or accepting them. That is about to change.
Fabio, the co-founder of FixxFi, had a career in finance, forex and foreign exchange trading before taking over his family’s successful auto repair business in Turin, Italy. He quickly discovered that customers were increasingly having trouble paying for their car repairs. This put a squeeze on the business as customers would negotiate prices, ask for payment plans, or simply not make repairs. It was through the repair business that he met his co-founder, serial technology entrepreneur Andrew, and FixxFi was created.
Repairs are an inevitable part of life. Car and home repair needs are an all too common occurrence, but not everyone’s budget allows for these often costly events. Repairs can have a destabilizing effect on household cash flow, and research shows that it doesn’t just affect low-income earners.
Current financial products are lacking and burdened with outdated, inflexible options. As a result, repair companies are often forced to pick up the slack with discounts or sub-measures.
Fast forward to today, FixxFi has developed an innovative fintech platform that provides embedded financial solutions for the independent auto and home repair industries. Funding for unexpected repairs will take place with a rapid approval process that takes place directly at the repair facility using off-chain and on-chain technology.
The FixxFi app has a seamless experience for both customers and business partners. By partnering with independent repair companies, customers will be introduced to the FixxFi app at the point of service. Repair partners can now offer simple, built-in financing solutions to support their customers and help them manage the unexpected expense. After a quick one-time approval process, the customer now has an immediate solution to pay.
FixxFi offers customers a credit limit that can be topped up with each payment. This creates a highly scalable business model as customers will have a line of credit ready for the next unexpected repair. In addition, companies that choose to work with FixxFi will have a dedicated customer base that prefers to use companies that accept the line of credit. The customer retention system is enhanced by the app’s ability to find and schedule with an approved repair partner.
A common question is, why not just use a credit card? The problem is that credit cards only delay payments by one month and are subject to available credit or high limits. Customers want options. With FixxFi, customers can tailor their payment options. Through FixxFi’s in-app calculator, customers choose the amount of the fund they want to use and the duration in months from one to 60 they want to spread the schedule over. In this new competitive financial world, traditional methods such as credit cards with limited payment options do not offer the flexibility needed in all scenarios.
The strong independent repair sectors in the UK and Italy make these areas the target markets with the greatest demand for initial stages. Extensive market research using Ibis World Vehicle Repair and Maintenance reports for Italy and the UK shows that the total available market for the independent repair market in 2021 was €57.5 billion. FixxFi plans to seize the opportunity to solve the problem using the latest technologies available.
FixxFi is built on the Elrond network and offers a native cryptocurrency, the FIXX token. The app has the unique ability to integrate multiple users into crypto and at the same time solve some of their everyday problems. Customers will also receive crypto rewards for timely repayment, discounts for being holders and for referring other customers. Partners will be rewarded for referrals and receive discounts in FIXX for achieving loan value targets.
The ability to pay bills with crypto is just the first benefit in a long line of fintech options. FixxFi will issue a native enterprise stablecoin backed 1:1 with fiat and FixxFi’s real tools. This practical use of a stablecoin has the potential to set a new precedent. It also answers the other main argument for using crypto for payments because the currency is stable and does not fluctuate with the market. Investors can also participate in the lending market, directly finance those looking for a line of credit or participate in the stake and breeding options.
A non-fungible token (NFT) will also be issued to early investors offering a modern take on the traditional dividend. Benchmarked against a percentage of the company’s profits, holders can stake NFT to earn more FIXX.
As more solutions like FixxFi hit the market, the future of crypto is becoming clearer. Alternative financing and lines of credit are potentially the first steps to see crypto-related options in a variety of businesses and rewards programs.
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