Haboo money teams up with Griffin to launch ‘save-as-you-repay’ wallet

UK fintech haboo money has partnered with bank for fintechs Griffin to offer a “save-as-you-repay” wallet designed to give borrowers more control and flexibility over loan repayments, through the use of variable recurring payments (VRP) and behavioural “nudges”.

The new save-as-you-pay wallet from haboo provides borrowers with flexible repayment options, by replacing direct debits with VRP, and aims to encourage responsible overpayments to help individuals pay down debt faster.

Haboo’s customers receive personalised support throughout the debt repayment process, such as behavioural nudges which are intended to “reward positive actions” and encourage engagement with repayments.

Haboo identified a number of benefits for lenders, including stronger loan performance with fewer missed payments, a reduction in the cost of payment collection, and “valuable” customer insights.

Hannah Baynham, co-founder of haboo, called the consumer debt crisis “an escalating challenge” for both borrowers and lenders, with growing numbers of people relying on unsecured credit “to make ends meet”.

She said: “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 of 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.”

In February, UK-based rewards credit card Yonder joined forces with Griffin to begin offering a new feature to customers, called ‘Top-ups’, and to simplify payments reconciliation.