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Date of writing
August 29, 2024
Time of reading
2minutes
Toyota Financial Services Italy Partners with Fabrick to Enhance Embedded Finance in Vehicles
Toyota Financial Services Italy, a subsidiary of the Toyota Group, has taken a significant step in advancing embedded finance within the automotive sector by partnering with Fabrick, a leader in fintech innovation. As part of this initiative, Toyota Financial Services Italy has also joined the Fintech District, an Italian hub dedicated to fostering fintech and techfin advancements. This collaboration aims to explore new growth opportunities by integrating embedded finance services into vehicles, enhancing the customer experience, and supporting Toyota's multi-technological approach to vehicle electrification.
Mauro Caruccio, CEO of Toyota Financial Services Italy and KINTO Italy, emphasized the strategic importance of this partnership, stating, "The collaboration with Fabrick is part of a broader strategic direction for the Toyota Group, aiming to enhance a multi-technological approach in vehicle electrification by offering a comprehensive and integrated range of financial and mobility services." Caruccio also highlighted the goal of promoting credit interoperability across all Toyota Group companies, which will provide customers with simple and flexible options throughout the vehicle lifecycle, thereby supporting the transition to carbon neutrality.
Paolo Zaccardi, CEO of Fabrick, expressed his enthusiasm for the collaboration, noting, "This partnership validates the growth path we have pursued over the years and solidifies our position as one of the leading Embedded Finance operators in Italy and Europe. It's no longer just a matter of managing transactions; it's about creating a user experience that simplifies payments and serves as a touchpoint for the end customer."
This collaboration is part of the broader Finmobility framework, which focuses on the convergence of the financial and mobility sectors, one of the most rapidly expanding trends in today's market. A recent whitepaper by Forrester Consulting for Fabrick, titled "Embrace Embedded Finance For Seamless Payment Success: A Spotlight On Europe," surveyed over 600 European companies, including automotive industry leaders. The results showed that more than 60% of these companies are poised to significantly increase their investment in payment technology solutions over the next 24 months.
The original article was published by Motor Finance Online, a GlobalData owned brand.
Mauro Caruccio, CEO of Toyota Financial Services Italy and KINTO Italy, emphasized the strategic importance of this partnership, stating, "The collaboration with Fabrick is part of a broader strategic direction for the Toyota Group, aiming to enhance a multi-technological approach in vehicle electrification by offering a comprehensive and integrated range of financial and mobility services." Caruccio also highlighted the goal of promoting credit interoperability across all Toyota Group companies, which will provide customers with simple and flexible options throughout the vehicle lifecycle, thereby supporting the transition to carbon neutrality.
Paolo Zaccardi, CEO of Fabrick, expressed his enthusiasm for the collaboration, noting, "This partnership validates the growth path we have pursued over the years and solidifies our position as one of the leading Embedded Finance operators in Italy and Europe. It's no longer just a matter of managing transactions; it's about creating a user experience that simplifies payments and serves as a touchpoint for the end customer."
This collaboration is part of the broader Finmobility framework, which focuses on the convergence of the financial and mobility sectors, one of the most rapidly expanding trends in today's market. A recent whitepaper by Forrester Consulting for Fabrick, titled "Embrace Embedded Finance For Seamless Payment Success: A Spotlight On Europe," surveyed over 600 European companies, including automotive industry leaders. The results showed that more than 60% of these companies are poised to significantly increase their investment in payment technology solutions over the next 24 months.
The original article was published by Motor Finance Online, a GlobalData owned brand.