❔Market Problem

Repairs are a fact of life but we rarely budget for them!

We use the car to go to work, for trips or to take the children to school and we all want to live in a lovely home where everything works properly. But how do we pay when something needs fixing urgently without interrupting our household cashflow?

Wages do not align perfectly with consumers’ need to spend, particularly where big-ticket and emergency items are concerned. Unsecured credit supports purchases without the need to call on savings and allows consumers to structure the cost into manageable repayments.

When a customer finds themselves having to face an unexpected repair bill, it can often have a destabilising effect on their cash flow/savings, penalise their lifestyle, whilst having a negative impacting on their overall mood.

• 100% Unexpected Expense - Repairs are unplanned/unbudgeted

• 32% Money Shock - Unable to pay an unexpected bill of €500 or more from household cash flows across EU27

• 35% Not Just Low Earners - ABC1’s need to borrow for an unexpected bill of €500 or more, rising to 46% of C2DE’s

• 25% Deferred Repair - Don't fix the repair

A lot of current financial products are unhelpful, with outdated procedures required to apply for finance, such as, having to reapply every time you need finance for a repair, disclosing sensitive information to more intermediaries than necessary, putting their security at risk at every step. Privacy and security must keep up with the times.

For the repair business, it is difficult to fully satisfy the customer's needs. The high costs of quality repair work drive some customer away, force him to opt for a partial solution or to have the customer negotiate the price. The consequence of this is a greater difficulty in growing the business and a risk of losing customers.

The current offerings by banks are not fit for purpose in the modern day, with long time lags between applying and approval time due to unnecessary bureaucracy together with the digital/technological inequalities of conventional banks. This undermines scalability, as there are territorial limits and the growing demand cannot be satisfied.