This collaboration aims to identify new growth and investment opportunities with fintech firms and includes incorporating Embedded Finance services into Toyota vehicles by working with Fabrick. In essence, the partnership is part of Toyota’s broader strategy to enhance vehicle electrification through a multi-technological approach that integrates financial and mobility services.
Toyota Financial Services Italy is focusing on improving credit interoperability across its group companies to provide more accessible purchase and usage options for customers throughout the vehicle’s lifecycle. This effort also supports the transition towards carbon neutrality by emphasising the role of service components in this shift.
The partnership is aligned with Finmobility, an initiative that explores the common elements of financial services and mobility, which is a growing trend according to motorfinanceonline.com. This trend is further supported by a Forrester Consulting whitepaper, commissioned by Fabrick, which surveyed over 600 European companies.
The report indicates that over 60% of automotive companies plan to increase their investment in payment technology solutions by more than 20% over the next two years. This includes investments in digital wallets, payment orchestration and optimisation, smart routing, and integrated multinational payment acceptance functionality.
Other developments from Fabrick
In June 2024, Italy-based Banco Desio entered a collaboration with Fabrick to support the digitalisation of invoice advance services for small and medium-sized enterprises (SMEs).
In a bid to improve invoice advance services for SMEs, Banco Desio signed an agreement with Fabrick, which is set to enable the implementation of an additional channel where companies can upload its invoices independently. Through this platform, SMEs could request within a digital flow the advance payment of invoices and to have increased visibility of active credit lines and commitments signed with the bank.
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