Fiizy, the multi-entity platform specialized in consumer financing, has announced the appointment of Jaime Marín as director of business development in Spain.
The new director of business development at Fiizy has extensive experience in financing solutions at the point of sale, as well as in payment methods, an MBA from the School of Industrial Organization and a Master’s degree in Financial Institutions from CUNEF. Marín has been commercial and marketing director at Experian and commercial director at TransUnion.
Fiizy, based in Estonia, is established in Spain, Mexico and Poland. It already works with more than 100 credit institutions, including Santander, BNP Paribas, Citibank and American Express, among others.
“Our country is one of the most dynamic financial markets in Europe and that is why more innovative services in payment methods are demanded”, points out Marin. “Since our arrival in 2015, Spain has been a strategic market for Fiizy; That is why we are now reinforcing our proposal with new services and greater investments with which to respond to the enormous potential of the national market.”.
Do youHow Fiizy works?
The company brings to Spain its innovative BNPL model or “buy now and pay later”, which allows fractional payment both in online stores and in physical stores, achieving the best market conditions for the client, since, unlike other platforms, it contacts different credit institutions and analyzes, thanks to Artificial Intelligence and Machine Learning techniques and in real time, the best options for the buyer without Store out.
Financial entities, for their part, have access to a wide range of verified economic data so that they can make a decision on each request in real time and optimize their credit risk.
Finally, stores can see an increase in the average purchase ticket and conversion rates, since thanks to the variety of borrowing entities, up to 85% of requests are approved compared to 30% in platforms that connect with a single entity of credit.
“We are witnessing a revolution in the world of payments. With the rise of electronic commerce, companies have to offer options that facilitate purchases to their customers and, in the same way, consumers have the right to choose their forms of payment“, it states Marin. “Fiizy wants to bring the best financing options to buyers and help stores, both physical and online, to retain their customers and increase conversion rates. In addition, our proposal connects each purchase process with different credit institutions, so that the client will always get the best financing option without leaving the store”.
According to a WorldPay study, BNPL payments will represent 9% of e-commerce spending in 2021. And according to the BNPL study by Research & Markets, this market is expected to reach a value of more than one billion dollars in Spain this year.
