Once signed up, you link the TreeCard app to your current bank accounts so you can begin routing your spending through the Mastercard-powered TreeCard. The team hit onto the idea of swapping loyalty points or cash back for tree planting, in a bid to create a fintech proposition with more societal impact. and “key European markets”.Īiming to become a “leading green finance brand”, TreeCard was founded in August 2020 by Thiel fellow Jamie Cox (who previously co-founded Cashew), Gary Wu and James Dugan. TreeCard says the funding will be used to hire talent, support the roll-out of its product across the U.K. The round is led by EQT Ventures, with participation from Seedcamp and Episode 1.Īngel investors also backing the startup include Matt Robinson (founder of GoCardless), Paul Forster (founder of Indeed) and Charlie Delingpole (founder of ComplyAdvantage). yet-to-launch fintech offering a spending card made out of wood and the promise to fund reforesting via the interchange fees generated, has raised $5.1 million in seed funding. Here are more UK tech companies that got funded this month.TreeCard, a U.K. In the last 10 years, Ecosia has planted over 119 million trees all over the world. Instead of funnelling money back to the customer, TreeCard invests 80% of profits into sustainable causes such as reforestation in partnership with Ecosia. TreeCard generates money from the interchange charge and operates similar to Amex, which gives a huge percentage of profits back to consumers as cashback rewards. What’s interesting is that TreeCard has grown organically with over 140,000 people waiting for the launch of the card slated to happen in the next few months. At least 80% of profits are directed towards reforestation projects in 26 countries around the world.
Ecosia tree card free#
The wooden card is completely free and regular purchases contribute to tree planting projects by Ecosia, the green search engine. TreeCard links with current bank accounts, making it easy and convenient for users to integrate the payment card into their usual spending habits. TreeCard, as a complementary product to Ecosia, presents a responsible alternative to everyday banking services. Having founded Cashew, a Venmo for the UK that achieved 20% WoW growth, Jamie was hungry for another fintech opportunity with higher impact. This way, consumers can create a positive and long-lasting impact.įounded in August 2020 by 23-year-old Jamie Cox (CEO and co-founder), alongside James Dugan (CMO and co-founder) and Gary Wu (co-founder and CTO), the idea for the company was initially discussed over the kitchen table with Jamie’s mum. TreeCard lets consumers place an active role in tackling the climate emergency via their everyday spending sans any tedious processes. Last year, it was reported that ethical consumer spending and finance in the UK reached a record of £98B. Solution to tackle climate emergencyĪs sustainability is being increasingly prioritised everywhere, consumers direct the economy through spending.
At EQT Ventures, we’re increasingly aware of the environment and the impact that our investments have on the world around us, so we’re really excited to support the TreeCard team, who are actively working with the financial system to create a better future for the planet”. Tom Mendoza, Deal Partner at EQT Ventures who led the investment added: “TreeCard has the potential to become a leading green finance brand, going where no brand has gone before in creating a de facto platform for impactful financial management. As a multi-stage fund, EQT Ventures’ presence across both Europe and the US provides the perfect springboard for us to launch into international markets”. We’re really excited to be backed by EQT Ventures it was clear throughout the fundraising process that the team really understood and resonated with our mission. Jamie Cox, CEO and Co-Founder commented: “We wanted to create a financial product with a difference, one that was far removed from greenwashing and allowed customers to improve the impact of their spending without drastically changing their habits. The London fintech will use the investment to hire fintech talent, expand into the US and key European markets and support product rollout in the UK. The round was led by EQT Ventures along with participation from Seedcamp and Episode 1 and angel investors – Matt Robinson (the founder of GoCardless) and Charlie Delingpole (founder of ComplyAdvantage). Now, TreeCard just announced that it bagged $5.12M (nearly £3.62M) seed funding. The new Monzo and Revolut rival is known as the world’s first wooden MasterCard payment card. London-based TreeCard is a payment card that reforests each time you spend.