The fintech riding the biking boom

Brompton Bike Hire

Fueling the increasing demand for bikes, a leading fintech for recurring payments, has teamed up with a folding bike manufacturer to streamline payments.

As a result, Brompton Bike Hire customers in the UK can now benefit from easy to set-up and manage monthly payments, powered by GoCardless, guaranteeing a seamless experience for both the customer and merchant.

Over the past year Brompton has seen an increase in demand for bikes. The pandemic has exaggerated this, with recent government data suggesting that cycling has increased by 300 per cent during UK lockdown.

With the average UK household spending £552 a year on subscription services and consumer behaviour shifting away from direct ownership, Brompton saw an opportunity and launched Brompton Bike Hire during summer. This new service enabled customers to avoid the upfront expense of buying a bike outright and with easy monthly payments,

With GoCardless’ end-to-end API, Brompton is able to automate the entire payment collection process, significantly reducing time spent on administration.

MD Julian Scriven, said: “There has been a significant shift towards cycling now more than ever. Our pay-as-you-ride schemes have been extremely popular, and the addition of the GoCardless solution has proved incredibly popular with our customer base.”

Stephen Reidy, VP and General Manager, added: “In the current subscription-based economy, the big technology companies like Netflix, Spotify and Disney+ dominate, but transport is now coming into the equation.

“Offering the right payment service is key to creating a seamless experience for customers, as well as having the peace of mind that everything is running smoothly behind the scenes.”

SME Autumn 2020
CLICK here for more inspiring stories of business success