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How do we fix it?
FixxFi is an embedded finance platform with a B2B2C (business-to-business-to-consumer) app.
Embedded finance enables the integration of financial services into non-financial companies, giving the customer a frictionless, more convenient and faster access to banking transactions when and where they need them.
Using Banking as a Service (BaaS) FixxFi leverages being at “point of repair”, exploiting the digital inequalities of conventional banks and give customers access to their approved line of credit, when they need it most, through their FixxFi digital wallet.
FixxFi offers the customer access to their line of credit through a one-time only application process digitally, safeguarding their privacy and security. The customer can tailor the payment experience that they want, through the FixxFi calculator they choose, the amount of their fund that they want to use and the duration in months from 1-60 they want to spread the schedule over.
FixxFi's USP is that it offers a credit-line that every time that the customer makes a repayment they are also replenishing their available amount. Through the app, they will also be able to choose where to use the service through the In-App directory of FixxFi's repair business partners displaying location and navigation features.
For the business partners, FixxFi enables them to perform a professional service and be fairly compensated. By being a partner of FixxFi and enabling the ability of customers to use their line of credit, the repair businesses will attract a new customer base as well as strengthening their existing customer relationships, which will all lead to business growth.
The most common feedback we get is "but you can just use your credit card", this tends to come from the older middle income person who generally has a good credit limit and income to match. Repair bills are generally big ticket items and using a credit card only "kicks the can down the road" or delays making the payment until the following month. If the total outstanding amount isn't paid off in full it becomes credit card debt, the most expensive form of borrowing.
Even if a credit card provider offers a payment plan, they are often short-term still making the instalments unmanageable to some households. That coupled with the fact that credit card uptake is decreasing amongst the younger generation.