Coeo and Fabit cooperate in offering financial education

Making it easier for people to handle money - Coeo and Fabit have joined forces to achieve this goal. Both consumers and companies are set to benefit from the cooperation.

The Dormagen-based debt collection service provider Coeo and the Berlin-based fintech Fabit are now working together. Fabit is an app for improving financial habits. As a first step, Coeo wants to integrate Fabit's services into its electronic communication. At the beginning of 2022, it also wants to use the services for postal correspondence. Fabit expects to reach more than 2.5 million new customers as a result.

Coeo is aware of its responsibility as a debt collection company: some of the consumers who are in contact with the company are in debt and cannot pay their bills. "With our proactive approach to financial assistance, we are taking responsibility, especially in difficult times, and also hope in some respects to initiate a fundamental cultural change in our industry," says Sebastian Ludwig, who manages Coeo in German-speaking countries. Fabit founder Susanne Krehl explains that consumers should be reached precisely when they receive a bill that they may not be able to pay.

Fabit's services include financial education and help with money management and personal budget planning. The aim is to help consumers improve their own financial habits in the long term. However, they are not the only ones to benefit from a better understanding of finance. The debt collection company Coeo hopes that the company's communication costs will be reduced if consumers have a better handle on their finances. Ludwig from Coeo notes: "Consumers generally know very little about how debt collection works." Greater transparency and cooperation with Fabit should now change this.