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Founded Year



Loan | Alive

Total Raised


Last Raised

$19.58M | 4 yrs ago

About etika

etika offers a suite of finance solutions. etika specializes in offering financing alternatives for online retailers and their shoppers. Through the platform, retailers can offer their customers more flexible and affordable payment terms across all sales channels.

etika Headquarter Location

WeWork, No.1 Spinningfields Quay Street

Manchester, England, M3 3JE,

United Kingdom


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Latest etika News

etika: The Evolution of Consumer Finance in Retail

Apr 3, 2022

April 1, 2022 Consumer lending in the UK is rapidly changing as the fintech industry increasingly innovates and grows. Micropayments have become the ‘go-to’ for many when it comes to online spending. The introduction of the Buy Now Pay Later (BNPL) market has given way to lending options that rival spending traditional credit cards. However, not all spending is equal. The damage credit rejection can have is more prominent than we think. A YouGov study , commissioned by etika, found that a credit application decline can significantly impact customers’ mental health, credit score, and future relationships with retailers. What do these innovations mean for consumer lending and how do retailers and finance providers ensure that their solutions meet consumer needs? Robert Schuijff , CEO of etika, a company offering affordable finance, tailored to the needs of customers, shares his thoughts on the topic. A growing ecosystem  Robert Schuijff, CEO, etika With the emergence of smart devices and multiple ways to shop at home, or on the go, retailers have numerous options to recreate an engaging e-commerce experience. According to Shopify , two years ago, only 17.8 per cent of sales were made from online purchases. That number is expected to reach 21 per cent in 2022, a 17.9 per cent increase in e-commerce market share over two years. For many retailers, online shopping is a way to claw back market share lost on the high street. With e-commerce opportunities growing, many finance lenders have partnered with retailers to provide varying versions of BNPL but more often than not, the popular lending models are proving questionable. In the UK, there have been controversial outcomes from payday lenders in the past, such as the now-defunct Wonga Loans. Although consumers could easily apply for loans, many found themselves in challenging situations that resulted in more than just bad credit and a missed purchase. The results can be far-reaching, impacting customer wellbeing. Creating a fair lending model  Today’s borrowers want flexible and convenient payment options, but not at any cost. Based on our recent survey in partnership with YouGov, credit decline impacts consumer well-being with 54 per cent saying that they would be upset or very upset and 16 per cent going so far as to say it would impact their mental health. Beyond this, credit declines also negatively impact relationships with retailers, with 70 per cent saying that they would take their custom elsewhere. What has become patently obvious is the need for a new approach – an ethical approach that keeps sight of the consumer. But what do we mean when we say ethical finance? We mean finance that isn’t over and above individual affordability. Finance that doesn’t come with nasty surprises like late fees. Two main things happen when ethical finance is embedded into retail offerings. Firstly, when retailers tell customers what they can afford and offer finance accordingly, the number of declined customers plummets. Secondly, the improved customer journey reduces drop-off rates and therefore increases sales conversion. The result is a more ethical approach to consumer finance. It seems clear that ethical finance doesn’t just benefit the consumer but can also positively impact the retailer-customer relationship. For retailers, championing customers means being transparent about what they are signing up for. For a fairer service, we believe that consumers deserve flexible finance that fits their situation and needs. With a responsible payment platform, businesses can deploy tailored, smart lending technology that can take the hard work out of the lending process for a fairer lending model. At etika, we promote borrower wellbeing by applying ‘soft’ credit checks, and apply innovative proprietary tech to the lending process, eliminating fees and providing flexible payment options for fairer, safer, and more achievable finance for more people. As inflation continues to rise across Europe, shoppers will look to consumer finance providers to cover the cost of items that they might not otherwise be able to afford outright. Big-ticket items, such as white goods and furniture, are likely to remain on the list for many consumers, but this should be financed in a way that doesn’t harm consumer credit or emotional health. Retailers and lenders need to be able to strike a balance between encouraging purchases and properly means-testing for affordability. This approach provides a win-win situation for retailers and their customers. Author

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