Etika

About Etika

Founded in 2012 by a group of tech entrepreneurs, Etika operates as a purpose-driven lender in Australia and the UK. The company is privately owned and positions itself as a financial technology firm with a mission to enhance financial inclusion for consumers and small to medium-sized enterprises (SMEs). Etika’s business model is distinctive as it functions as both the technology platform provider and the finance provider, a structure that allows for instant and tailored lending decisions. This dual role enables the company to offer flexible and accessible credit solutions.

The company's revenue is generated through fair merchant fees associated with its point-of-sale (POS) financing solutions. Etika's proprietary technology platform is engineered for scalability, flexibility, and custom integration with merchant systems, both online and in-store. For consumers, the service provides a straightforward way to finance purchases over flexible repayment periods with transparent terms, and notably, without late fees. This approach helps individuals manage their budgets and cash flow more effectively. For merchant partners, Etika’s platform aims to increase sales conversions and reduce shopping cart abandonment by offering customers accessible financing at the point of purchase.

Etika serves a broad market, from millennials to pensioners, across various sectors including healthcare, home furnishings, consumer goods, and lifestyle brands. A significant milestone was the launch of "agreements in principle" in November 2020, which allowed merchants to offer more flexible terms to a wider customer base. The company leverages artificial intelligence and machine learning to refine its lending metrics, aiming to prevent customers from overextending themselves financially while also providing access to those who might otherwise be excluded. The company, which previously operated under the names Paybreak and AfforditNOW, is led by CEO Robert Schuijff.