Fairown, a fintech company powering the circular economy recieved won an award by Asset Finance Connect in London last week. Over 50,000 consumers are using Fairown’s subscription service, provided by many leading brands and retailers such as Apple, STIHL, and Komplett.
Hendrik Roosna, CEO at Fairown, said, "It’s an honour to get recognised by Asset Finance Connect and to be compared to true titans of the financing world. We are proud of the award and excited to help more brands, retailers, and banks in shifting to a circular economy. Above all, we are happy to extend our sustainable subscription service to new geographies across Europe in the near future.”
Outstanding individuals and organisations across 23 categories in product financing were recognised at the inaugural event. Fairown’s goal is to reduce excessive waste through a circular economy. The company’s unique payment platform allows environmentally conscious businesses to offer products for monthly subscriptions and sustainably manage product renewal cycles.
Edward Peck, Founder of Asset Finance Connect, commented, “We are delighted to recognise Fairown’s very clever and environmentally friendly product, which came on top in a competitive category with lots of entries. Our judges found Fairown to have a clear and compelling proposition, endorsing the circular economy by providing subscription services and potentially pay-per-use finance on consumer assets. This is already reaching multiple European countries with very strong initial revenue growth. It provides a great opportunity for vendors and financiers seeking new revenue streams and more broadly to fully support the transition to sustainable business models.”
Product subscription is much more than just a payment method. Combined with predictable renewal cycles, it leads to sustainable consumption. As production is the most energy-consuming phase in a product’s life cycle - up to 95% - this model allows companies to reduce the ecological impact. Extending products’ life cycle by several years means less manufacturing of new products and reduces harm to the environment.
Roosna added, “This award goes to the joint mission, leadership, and commitment. We want to help brands and retailers become greener and support consumers in making responsible choices. With products-as-a-service offerings, we are able to do that - collect old products, give them a new life, and reduce our footprint on the environment.”
Fairown has built a complete suite of software and services to manage the entire product life cycle from purchase to renewals conveniently and sustainably. All the tools needed by brands and retailers are available on Fairown’s platform.
About Fairown
Fairown is a fintech company that helps banks, brands and retailers offer products as a service. Fairown provides a unique payment platform, allowing environmentally conscious businesses to offer products for monthly subscriptions, and manages product renewal cycles. The platform enables companies to increase sales and sustainably improve customer loyalty.
Fairown currently operates in eight markets across the Baltics and Nordics. Its service has over 50,000 end users, and Fairown’s customers include Apple, STIHL, and Komplett, amongst other leading brands that are shifting from a linear to a circular economy.
About Asset Finance Connect
Asset Finance Connect Summer Awards 2022 brought together more than 350 professionals to celebrate innovation and industry best practice in auto, asset, and equipment finance. A total of 41 awards in 23 categories were presented at the inaugural event. Subscriptions Product Development award recognised the organisation with the best subscription product.
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