FIX4 Capital, a company founded in early 2020 to provide affordable and flexible car repair loans, has raised $7.2 million in its first round seed funding to help propel its growth plans. The round included the participation of venture capital firm Tactico, investment advisory company Keira Capital Partners and angel investors including Martin Lavigne, former president of National Bank, NBF Wealth Management.
Since launching its app and quick loan service earlier this year, FIX4 Capital has helped hundreds of drivers get back on the road through its promise of quick access to money for car repair and maintenance. In the process, the company has helped service centers reduce the potential for lost revenues even and especially in the throes of COVID-19.
“We’re committed to giving car owners access to fair car repair loans in an ethical, transparent, quick and convenient way,” says Tave Della Porta, co-founder and CEO of FIX4 Capital. “Too many people are being lured into borrowing money with unreasonable interest rates or terms. I’ve seen this story play out too many times and I’m delighted that there are many who feel the same way.”
Della Porta and his two partners, Derek Lloyd and Robert Bédard, have assembled a core team of experienced automotive and finance business leaders – and now experienced investors – who hold firm to the belief that a service-solution like FIX4 Capital is more needed than ever.
“We invested in FIX4 because the leadership team has the right combination of industry experience, customer service focus and technology know-how,” says Rick Ness, managing director of Tactico.
“We are excited about the vision of the founders and their ability to execute.”
“The need for fair financing in the auto repair sector is greater than we could have ever imagined,” says Della Porta. “The response we’ve received from our existing service repair partners and dealerships confirms what we suspected – a percentage of consumers are either unable to repair their vehicle or falling into the arms of predatory lenders.”
FIX4 Capital offers open financing of up to $10,000 over 12, 24 or 36-month terms, with an interest rate of 19.9 per cent. Approval is based on the vehicle’s value and not one’s credit score. FIX4 Capital does not require references, background or credit checks. The company has developed a simple to use, instant online loan approval system through which customers can secure approval in less than five minutes, right on the spot. FIX4 Capital pays the service center on behalf of the borrower. The service is completely free for merchants. Customers can instantly find out their maximum eligible loan amount simply by providing their vehicle’s basic details – make, model, year and mileage.
“Customers can secure their loan right from the service center,” concludes Della Porta. “We fundamentally believe that everyone should have equal access to affordable and flexible financing when it comes to having their automobile repaired. We entered the market looking to disrupt high-interest lenders. Our rates are equally low for everyone, no matter what their credit or income situation is. We have no hidden fees or gimmicks.”
Other experienced executives who have joined FIX4 Capital include Chris Harvey, former vice president at Autotrader, Joe Carusella, previously vice president at Fairstone Financial, and Stéphane St-Hilaire, previously president and CEO of ADESA.
For information on FIX4 Capital or to start the loan process, visit fix4.com. Dealerships and auto repair centers interested in finding out more about the FIX4 auto repair financing program for their customers can call 1-(855) 831-1186.
