Fairlo, a Consumer Credit Fintech, Reportedly Obtains B Corp Certification

Fairlo, a consumer credit Fintech, recently announced that it has received B Corp certification, joining a global movement of businesses dedicated to fostering “an inclusive, transparent, and sustainable economy.”

Jimmy Hanna, CEO and founder of Fairlo, said:

“The entire process has taken almost a year and it is with no small amount of pride we announce our certification as it proves not only our commitment to our original vision of challenging the predatory credit industry, it also proves our commitment to staying focused on tangible and measurable improvement across all areas we impact moving forward”

As noted in the update, the B Corp certification marks “a new milestone in Fairlo’s quest for introducing accountability and transparency to credit services, following features like the world’s first Fairness Receipt, a detailed breakdown of the deal.”

Where does the money go and what do we stand to profit? In short, what finance geeks call “unit economics”.

Fairlo was reportedly mentioned in Statista’s 2024 ranking of Europe’s fastest-growing companies. It received its UK FCA license last year and claims that it is “now showing sustainable and profitable growth, momentum that is now being used for gaining leverage on the Swedish and British markets.”

Matthew Cochrane, COO of Fairlo, said:

“Our proven track record in Sweden, our 4.7 Trustpilot score, our FCA licence in the UK and now the B Corp certification are all amazing proof points of why Fairlo is needed and makes sense for the UK market”.

As mentioned in the announcement, Fairlo is a Fintech company which claims to be “driven by a strong culture rooted in the idea of a more fair and more sustainable life-happens buffer, an alternative to credit cards, expensive loans and buy-now-pay-later.”

Fairlo was launched in Sweden in 2018 and received its FCA licence in the UK last year.

B Lab is a non-profit organization that was “founded in 2006 in Berwyn, Pennsylvania. B Lab created the B Corp certification for for-profit organizations.”

The “B” stands for beneficial and indicates that the “certified organizations voluntarily meet certain standards of transparency, accountability, sustainability, and performance, with an aim to create value for society, not just for traditional stakeholders such as the shareholders.”

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