coeo and the Berlin-based fintech Fabit are cooperating with each other as of today. The aim of the collaboration is to make it easier for people to handle money - especially if they have difficulty managing their finances. To do so, the independent, free app Fabit focuses on providing everyday financial knowledge as well as active help in developing healthy financial habits.
Help at the right moment
At the start of the cooperation, coeo will comprehensively integrate Fabit into its electronic communication with customers as an independent help offering. In early 2022, the integration will also be extended to postal letters. As a result, Fabit will reach over 2.5 million customers with its help offering, which is now also available for iOS users.
"Through the cooperation with coeo, we reach consumers when they are just in the situation of receiving a bill that they may not be able to pay. Once the will to manage one's finances better is there, the next step requires success. Motivation is an important factor," explains Susanne Krehl, founder of Fabit. "With the help of the app, an integrated community and a buddy system, we ensure that the user doesn't lose heart and can build a healthy financial life in the long term."
"We are delighted to have found a partner in Fabit who, like us, takes the same approach and puts people first," said Sebastian Ludwig, CEO DACH of coeo Group GmbH. "With our proactive approach to financial assistance, we are taking responsibility, especially in difficult times, and also hope in some ways to initiate a fundamental cultural change in our industry. Meanwhile, cooperation between debt collection companies with offers to optimize or improve their own finances is nothing unusual - in many countries, such cooperation has long been the norm."
Habits shape the way we deal with money
Finding mail from a debt collection agency in the mailbox is an unpleasant surprise for consumers. While it is often just a forgotten bill that can be settled quickly, there are unfortunately also cases where consumers are unable to meet their financial obligations because they have fallen into financial difficulties. Studies show that just under one in ten Germans is over-indebted. One is considered 'over-indebted' when income and assets are insufficient to pay debts over a longer period of time.
And this is precisely where Fabit and coeo want to help. "The topic of financial education has been greatly neglected in recent years" says Krehl. 83 percent of Germans say they received their financial education primarily through their parents. "Topics such as proper budgeting of the money available each month and dealing with installment payments and debt often get far too little attention." A quarter of Germans say they have insufficient knowledge in these areas.
Receivables management companies also benefit from a better understanding of financial issues among the population. Those who have their money management under control can settle receivables more quickly and agree realistic installment plans that they can fulfill on a long-term basis. That, in turn, reduces the amount of communication required on the part of the collection agency. "Consumers generally know very little about how debt collection works. We want to change that by creating more transparency and, together with Fabit, explaining important financial knowledge about debt collection in a simple and comprehensible way," says Sebastian Ludwig, CEO DACH of coeo Group GmbH, highlighting the aim of the partnership.
In addition to imparting financial knowledge, Fabit also offers active help with money management and personal budget planning. The free app is complemented by a behavioral science approach that supports consumers in the long term in improving their own financial habits in order to permanently have more money in their accounts.
About coeo
Founded in 2010, the coeo Group is now one of the most successful debt collection service providers in Europe. With locations in Germany, Austria, the Netherlands and Belgium, the company currently processes a receivables volume of 200 million euros annually in four countries and employs over 450 people. coeo is primarily active for major customers in the buy now pay later, e-commerce, insurance, energy supply and mobility, and telecommunications sectors.
About Fabit
Fabit is an app for optimizing financial habits. It is aimed at people who want to manage their finances better in order to lead a financially healthy and relaxed life in the long term. "Fabit" is derived from the English "Financial Habit" - financial habit. Fabit GmbH, the company behind Fabit, was founded in Berlin in 2021 by Dr. Ralf-Michael Schmidt, Robert Heim and Susanne Krehl.
Your contact for any questions at coeo
coeo Inkasso GmbH
Sarah Lehmann
Head of Marketing & Public Relations
Tel.: +49 2133 2463-0
presse@coeo-inkasso.de
Your contact for any questions at Fabit
Julia Ptock
presse@fabit.app