Swiss retailer Coop launches a financial services superapp

Open Finance
25/10/2023 News

Coop, the second-largest retail group in Switzerland, has introduced its latest offering, Coop Finance+, a financial services superapp designed to meet the diverse financial needs of its customers. This new project is made possible through a collaboration with additiv, a global leader in embedded finance solutions.

Coop Finance+ aims to provide a range of accessible and customized financial solutions. It starts with a selection of banking services, payment transactions, and pension solutions, with plans for further expansion in the near future. Coop has partnered with well-regarded financial institutions, including Hypothekarbank Lenzburg, Vanguard, OLZ, Liberty Vorsorge, and Glarner Kantonalbank, all coordinated through additiv's embedded finance platform.

The initial offerings include the ability for customers to open savings accounts with debit cards, make online payments, and invest in pillar 3a retirement plans. Coop Finance+ focuses on offering competitive terms, attractive retirement account interest rates, exclusive loyalty benefits, and a unique feature - free cash withdrawals at all 1,000 Coop supermarkets and Coop City warehouses, providing accessibility to its financial services.

Coop Finance+ simplifies the financial landscape by consolidating high-quality banking and retirement options into a single app, making these essential services more accessible and cost-effective for a broader audience.

The initial offerings include the ability for customers to open savings accounts with debit cards, make online payments, and invest in pillar 3a retirement plans.

The development of Coop Finance+ is greatly assisted by additiv's embedded finance platform, ensuring a seamless, integrated customer experience. Michael Stemmle, founder of additiv, underlined the importance of embedding financial products into everyday consumer channels for enhanced convenience and financial inclusion.

This innovative venture is set to improve the user experience for Coop customers, aligning with Coop's commitment to providing tailored and straightforward digital services. Thomas Schwetje, Head of Digital/Customer at Coop, expressed the retailer's satisfaction in collaborating with trusted partners to bring Coop Finance+ to life. Coop Finance+ represents a significant step in offering accessible and tailored financial solutions for its customers.

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