Finances collaborate with Griffin to unveil a novel 'save-while-you-pay' digital wallet
In a bid to address the growing consumer debt crisis, haboo, a fintech startup, has partnered with Griffin, a UK-based fintech bank, to offer a unique solution for loan repayments.
According to Hannah Baynham, co-founder of haboo, new financial technologies can address the consumer debt crisis in a way that benefits everyone. Baynham has identified the debt crisis as a significant challenge for both borrowers and lenders. Many people are relying on unsecured credit to make ends meet, she noted.
The partnership between haboo and Griffin aims to empower borrowers to take control of their repayments and build healthier financial habits. The partnership also provides lenders with smarter, more sustainable ways to support their customers.
The heart of haboo's solution is a wallet that uses variable recurring payments (VRP) to provide flexible repayment options. The wallet encourages responsible overpayments, helping individuals pay down debt faster.
Moreover, haboo's customers receive personalised support, including behavioural nudges to encourage engagement with repayments. This approach is designed to make repayments more manageable and less daunting for borrowers.
Griffin, recognised for its innovative technology-driven banking and repayment capabilities, is providing the banking infrastructure that enables haboo's innovative repayment solution. The partnership is expected to benefit lenders with stronger loan performance, fewer missed payments, reduced cost of payment collection, and valuable customer insights.
In addition to the partnership with haboo, Griffin has also partnered with UK-based rewards credit card Yonder. The collaboration aims to simplify payments reconciliation for customers. Griffin's partnerships with haboo and Yonder are expected to benefit lenders by building healthier loan books.
Griffin's strengths lie in its licensed banking infrastructure combined with modern SaaS technology, facilitating fintech collaborations for embedded financial services. The bank is positioned as a leading platform in Banking-as-a-Service (BaaS), providing simple, quick, and cost-effective APIs that allow UK companies to build and embed financial products, including repayment solutions, within their apps.
Recently, Griffin began offering a new feature called 'Top-ups' in partnership with Griffin. This move further demonstrates Griffin's commitment to enhancing the lending experience and providing more flexible repayment options.
In conclusion, the partnership between haboo, Griffin, and Yonder represents a significant step forward in addressing the consumer debt crisis. By offering innovative repayment solutions and personalised support, these companies are empowering borrowers to take control of their finances and build healthier financial habits.
- Haboo's unique solution, in partnership with Griffin, utilizes variable recurring payments (VRP) to offer flexible loan repayment options, encouraging responsible overpayments that help individuals pay down debt faster.
- Hannah Baynham, co-founder of haboo, believes that new financial technologies can effectively address the growing consumer debt crisis, offering benefits for everyone involved.
- The partnership between haboo and Griffin aims to provide lenders with smarter, more sustainable ways to support their customers, resulting in stronger loan performance, fewer missed payments, and valuable customer insights.
- Griffin, a UK-based bank known for its innovative technology, is providing the banking infrastructure for haboo's innovative repayment solution.
- In addition to their partnership with haboo, Griffin has also collaborated with Yonder, a rewards credit card company, to simplify payments reconciliation for customers.
- The collaboration between haboo, Griffin, and Yonder is expected to benefit lenders by building healthier loan books, while Griffin's strengths in Banking-as-a-Service (BaaS) continue to empower fintech startups in offering embedded financial products, including repayment solutions.
