Coeo and Fabit cooperate in offering financial knowledge

Making it easier for people to handle money - Coeo and Fabit have joined forces to achieve this goal. Consumers, but also companies, should benefit from the cooperation.

The Dormagen-based debt collection service provider Coeo and the Berlin-based fintech Fabit are working together from now on. Fabit is an app for improving financial habits. As a first step, Coeo wants to integrate Fabit's offerings into its electronic communications. In early 2022, it plans to use the services for postal letters as well. 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: a proportion of consumers who are in contact with the company are in debt, unable to pay bills. "With our proactive approach to financial aid, we are taking responsibility, especially in difficult times, and also hope in some ways to initiate a fundamental cultural change in our industry," says Sebastian Ludwig, who heads Coeo in the German-speaking region. 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 offerings include financial literacy as well as help with money management and personal budgeting. Consumers should be helped to improve their own financial habits in the long term. But it's not just them who are expected to benefit from a better understanding of finance. Debt collection firm Coeo hopes that the company's communication efforts will be reduced as consumers get a better handle on their financial dealings. Coeo's Ludwig notes, "Consumers generally know very little about how debt collection works." More transparency and the cooperation with Fabit should now change that.