Coop launches Coop Finance+

Following this announcement, additiv is set to provide Coop with its cloud platform, an Embedded Finance service that works in the areas of banking, credit, insurance, and wealth management. 

Coop Finance+ initially launched banking products, pension solutions, and payment transactions, for which it cooperated with several individuals and firms as service providers that were orchestrated on the platform of additiv. According to the press release, the company plans to further extend its product in the following month. 

Through the new application, customers and clients will be enabled to open savings accounts with debit cards easily, invest in pillar 3a retirement plans, as well as make secure and fast online payments. The application is set to optimise competitive terms, retirement account interest tares, loyalty benefits, and free cash withdrawals at all 1,000 Coop supermarkets and Coop City warehouses. 

additiv’s Embedded Finance platform was leveraged in the design and development processes of the superapp, which was fully integrated with the Coop brand and other digital channels. The API-first cloud platform was designed to incorporate and orchestrate Coop’s various financial solution partners into a secure and efficient end-to-end client experience. In addition, the embedded financial products will be used to optimise convenience and overall financial inclusion. 

additiv’s recent strategy of development

Headquartered in Switzerland, additiv provides financial institutions and brands globally with the possibility to develop new business models and improve their existing ones by using digital innovation and Finance-as-a-Service capabilities. The firm had a couple of partnerships and launches in the last couple of months, covering different geographic areas around the world.

In October 2023, the company announced its strategic collaboration with SELISE in order to accelerate the delivery and integration of its Wealth platform. Following this announcement, additive combined its API-first cloud platform with the suite of services of SELISE, aiming to optimise the wealth management, insurance, credit, and the insurance solutions landscape as well. 

In addition, additiv focused on amplifying the offerings of its Digital Finance Suite (DFS) by using SELISE’s expertise in software management. Both of the companies planned to retain the foundation of the existing platform, while also implementing standardised integration services tailored to additiv’s DFS. Furthermore, they were also set to work toward the development of transformative approaches to product optimisation and implementation across the financial solution ecosystem.