circular economy
Banks Europe Partnerships

Fintech Fairown Teams Up With Inbank to Expand Circular Economy in Lithuania

Green fintech Fairown has joined forces with digital bank Inbank and electronics firm Topo Centras to expand its products as a service platform in Lithuania.

The platform lets banks, brands and retailers participate in the circular economy, centred around producing, consuming and reusing products to reduce both excessive waste and the need for raw materials by extending products’ lifetime value.

According to Fairown, which operates in eight markets across Europe with a service used by more than 50,000 consumers, the linear economy dumps a huge 2.12 billion tons of waste each year.

Its complete suite of software and services offers products for monthly subscriptions and manage the entire product life cycle from purchase to periodic renewals, repurposing and recycling.

Following a partnership with Topo Centras – a member of one of the biggest trade alliances, Euronics –  and Inbank, their new solution, TOPO FLEX, will advance the circular economy offering in Lithuania’s consumer electronics market. Under the partnership, Fairown will manage product renewal cycles; Inbank will provide the product financing; and Topo Centras will sell products to consumers.

Hendrik Roosna, CEO at Fairown, says its new solution gives consumers the freedom to put together the desired basket at the point of sale, including products, accessories, and services – all conveniently in one bundle.

“They can pay for only the time they use the products, buy at a lower price with no upfront or additional costs, as well as make green and conscious choices,” says Roosna. “This is a new and innovative combination in Lithuania’s consumer electronics market, which we are delighted to be launching with Inbank and Topo Centras, the leading consumer electronics player in the country. As Topo Centras is part of Euronics Group, the future could see us rolling out this innovative solution across the entire group.”

Sustainability drive

Fairown says demand for sustainable initiatives is increasing in consumer behaviour with people wanting to buy solutions, not products. Research shows that 74 per cent of consumers prefer experience over ownership of products. This rises to 90 per cent of Generation Z – who believe that companies must address environmental issues.

Its survey amongst 4,000 product subscription users in the Nordics also found that 70 per cent of consumers purchase a product because of the availability of our responsible buying option.

“Innovation is the key driver for Topo Centras, and this unique product called TOPO FLEX will be our major new launch for the end of 2022,” explains Remigijus Štaras, CEO at Topo Centras. “We are entering the most important period of the year – Christmas – by being even more competitive not only in terms of better offers, but also sustainability as Fairown will guarantee a new life to the devices used by our clients.

While Vaidotas Rimeikis, Lithuania country manager at Inbank, added: “With the electronics market changing beyond recognition over the past decades, consumers are looking for new solutions of how to get the most up-to-date products in a sustainable way. Therefore, we are delighted to see that our cooperation with Fairown and Topo Centras is bringing this innovative buying option to the Lithuanian market. We believe it will benefit consumers by delivering an alternative way of purchasing.”

Fairown has already established a strong presence in the Nordics and Baltics and recently launched in Poland as part of its central European expansion plans.

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