Fairown, a fintech company powering the circular economy by helping banks, brands and retailers offer products as a service, is pleased to announce it won the Subscriptions Product Development category at the Asset Finance Connect Summer Awards 2022. Outstanding individuals and organisations across 23 categories in product financing were recognised at the inaugural event.
Hendrik Roosna, CEO and Founder at Fairown accepting the Subscriptions Product Development award at the Asset Finance Connect Summer Awards 2022.
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. 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.”
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.