Haboo money partners with Griffin

The partnership aims to improve the loan repayment experience for lenders and borrowers

haboo money, the fintech re-inventing the loan repayment experience has partnered with Griffin, the UK’s leading bank for fintechs and platforms. With this partnership, haboo is going to offer a save-as-you-repay wallet that helps borrowers pay off their debt in a more flexible way.  

haboo tackles key challenges for both sides of lending: For borrowers, haboo offers flexible repayment, replaces problematic direct debits with variable recurring payments, and provides a wallet that encourages responsible overpayment to safeguard future repayments, build a rainy day fund or pay down debts faster. Throughout the repayment journey, customers receive personalised support with behavioral nudges that reward positive actions and drive engagement between customers and their repayments. For lenders, the benefits include stronger loan performance with fewer missed payments, reduced cost of payment collection, reduced burden on collections and arrears teams, valuable customer insights, and better compliance with consumer duty regulations by delivering good customer outcomes.

As haboo gears up for launch, co-founder Hannah Baynham notes: “The consumer debt crisis is an escalating challenge for both borrowers and lenders, as growing numbers of people rely on unsecured credit to make ends meet. For the first time, new financial technologies make it possible to address this issue in a way that works for everyone involved. By partnering with a bank like Griffin, we’re able to empower borrowers to take control of their repayments and build healthier financial habits – while giving lenders smarter, more sustainable ways to support their customers.”

David Jarvis, chief executive officer and co-founder at Griffin, added: “What haboo is doing to improve lending experiences for everyday people is truly inspiring. They are putting flexibility and control back into borrowers’ hands while helping lenders build healthier loan books. We’re excited to provide the banking infrastructure that enables this innovative repayment solution and look forward to supporting their growth.”

The move comes not long after Griffin partnered with Yonder.

Image: Griffin

Robert Welbourn Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.