FIX4 Capital, a Montreal, Canada-based company that provides car repair loans, raised $7.2M in its first seed funding round.
- Keira Capital Partners, and
- Martin Lavigne, former president of National Bank, NBF Wealth Management.
The company intends to use the funds to accelerate its growth plans.
Founded in early 2020 by Tave Della Porta, CEO, Derek Lloyd and Robert Bédard, FIX4 Capital provides flexible vehicle repair financing of up to $10,000 over 12, 24 or 36-month terms, with an interest rate of 19.9 per cent, by leveraging tech that approves customers in a few minutes, without credit check. Since launching its app and quick loan service earlier this year, it has served hundreds of drivers.
Other experienced executives who have joined the company 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.