Coop set to discontinue Finance+ project, says “demand did not meet expectations”
Coop, one of Switzerland’s largest retail and wholesale companies, says it plans to discontinue its financial services app, Finance+, less than a year after its launch.
Coop announces decision to discontinue Finance+ project
The super-app, launched in October 2023 using Additiv’s cloud-based API platform, offers payment services, banking services powered by Hypothekarbank Lenzburg, and individual pension products through partnerships with Vanguard, OLZ, Liberty Vorsorge, and Glarner Kantonalbank.
However, in a short statement, Coop says that following a “short pilot phase”, it has “decided not to continue operating the Finance+ project because demand did not meet expectations”.
In comments made to FinTech Futures, a Coop spokesperson explained that the platform fell short of such expectations due to “various new offers from other providers [having] come onto the market and increased competition”.
“As one of several partners in Finance+, Coop will withdraw from this project. The exact date has not yet been determined,” the company statement continues.
Coop assures that the Finance+ platform will continue to operate fully until further notice. The Basel-headquartered firm also says that “follow-on solutions for customers are being assessed”.
