Green fintech company Fairown announced the launch of its platform in Poland, marking the formal expansion into Central Europe.
The company that enables the circular economy by helping banks, brands, and retailers offer products as a service is bringing its offer to the Polish market in partnership with Apple Premium Reseller Cortland and Inbank, a bank offering digital financing solutions to 500,000 active clients across five countries.
Fairown offers the complete suite of software and services to manage the entire product life cycle from purchase to periodic renewals, repurposing, and recycling. This concept is centered around producing, consuming, and reusing products and, as a result, helps reduce waste and use of raw materials and extend products’ lifetime value.
Expansion into Poland
Fairown has already established a presence in the Nordics and Baltics, where it works with leading brands such as Apple, German power tools manufacturer STIHL, and Komplett, the most significant e-commerce player in the Nordics.
Today, more than 50,000 consumers are using Fairown’s monthly subscription service.
Hendrik Roosna, CEO at Fairown, commented, “We view entering the Polish market as the next logical step in our expansion as we look to spread the benefits of the circular economy far and wide. The feedback we receive about our sustainable subscription model from existing partners and more than 50,000 subscribers in the Baltics and Nordics continues to be highly encouraging. We are confident that Polish consumers will be equally welcoming and positive.”
Increasingly, resource scarcity, growing economies, and the rise of e-commerce are driving the need for a circular economy as part of global sustainability. With the shift in the finance sector towards sustainable loans and investments, it has developed rapidly from modest beginnings.
However, according to Chatham House, spending remains small-scale compared to other green finance and the linear economy. However, there are indications that the circular economy is here for the long haul as public and corporate spending on circular initiatives increases.
Speaking on this matter, Roosna explained, “sustainability defines us. We are driven by the United Nations Sustainable Development Goals, which combine industry innovation with responsible consumption and production. Merchants and consumers can do so much together by making greener choices. We are all about giving them this opportunity.”
As a result, the three-way partnership with Cortland, Fairown, and Inbank in Poland comes at a time of increased industry attention.
The partnership will focus on reducing excessive waste, while its payment platform will allow environmentally-conscious businesses to offer products for monthly subscriptions.
Under the partnership, Fairown will manage product renewal cycles; Inbank will provide the product financing; Cortland will sell the product to consumers.
Tomasz Rzeski, Country Sales Manager of the Inbank Branch in Poland, said: “Cortland SMART is a solution that enables the purchase of Apple smartphones on the most attractive terms currently available in the Polish market. The offer and the process of granting financing for purchasing the selected iPhone are extremely simple and transparent, and most importantly, they provide customers with significant savings. Together with Cortland and Fairown, we are introducing an innovative product to the market that not only shapes new trends in the smart devices market but also contributes to more sustainable consumption and supports the development of an environmentally friendly circular economy model.”