- Swiss retailer/wholesaler Coop has turned to embedded finance company additiv to launch its new superapp, Coop Finance+.
- Coop Finance will go live initially with banking services, payments, and pension solutions.
- Headquartered in Switzerland, additiv most recently demoed its technology at FinovateAsia in 2017.
A financial services superapp, Coop Finance+ initially will go live with banking services, payments, and pension solutions. Hypothekarbank Lenzburg will power banking services. Vanguard, OLZ, Liberty Vorsorge and Glarner Kantonalbank will support the app’s pension solutions. App users can open accounts with debit cards, make online payments, and invest in Pillar 3a retirement programs.
“At additiv, we believe that embedding financial products into everyday consumer channels will help improve convenience and financial inclusion,” additiv founder Michael Stemmle said. Company CEO Nils Frowein, who joined additiv in June, praised the new offering as a “transformative project” that will have a “profound impact on the user experience of Coop customers.”
Coop Finance+ offers competitive terms, above-average interest rates on retirement accounts, and loyalty benefits. Additionally, the superapp provides access to free cash withdrawals at all 1,000 Coop supermarkets and Coop City warehouses. The launch of Coop Finance+ makes Coop the largest provider of free cash withdrawals in Switzerland.
“At Coop, we are committed to providing our customers with digital services that are tailored to their needs,” Coop Head of Digital/Customer Thomas Schwetje said. “With Coop Finance+, we are expanding this strategy to offer straightforward and easily accessible account and payment solutions, household budget management, and pension solutions.”
A Finovate alum since 2013, additiv most recently demoed its technology at FinovateAsia 2017 in Hong Kong. In the years since, additiv has grown from a software development firm into a major digital investment and financial solutions platform and finance-as-a-service provider. A leader in orchestrated finance, additiv has offices in Zurich, Frankfurt, Dubai, and Singapore and 300 employees worldwide.
Earlier this month, additiv announced a strategic partnership with SELISE. The collaboration will enable additiv to leverage the company’s expertise in software management to enhance its wealth platform. In June, additiv was named a leading AI innovator within AI Fintech100’s 2023 roster.
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