‘Environmental super-app’ Treecard has raised £19.2 million in Series A funding.
The London-based sustainability FinTech was founded in late 2020 to make it easier for people to make sustainable choices in their daily lives.
The wooden debit card sits on top of a customer’s existing bank account and channels 80% of the profits earned from merchant transaction fees into tree planting.
Currently in beta with a global waitlist of over 250,000, Treecard’s US-based customers have already funded the planting of over 200,000 trees around the world in partnership with Ecosia, the world’s largest not-for-profit search engine that uses advertising profits to plant trees. TreeCard users have also removed 315,000 plastic bottles from the ocean through the app’s rewards programme.
Users can monitor their personal impact through the Treecard app and watch on the TreeCam when new trees are going into the ground. The app also uses gamification techniques and a rewards programme, enabling people to access exclusive deals and offers such as free National Park passes after spending a certain amount, to help people understand more about their finances and environmental footprint as well as highlight where they could be spending less to reduce their impact on the planet.
The funding round was led by Valar Ventures. World Fund also participated in the round, along with previous investors EQT Ventures, Seedcamp and Episode 1 as well as angel investors Dylan Field (Figma) and Josh Browder (DoNotPay).
Treecard will use the funding to grow the team, with the aim to almost double in size, as well as continue to develop the product ahead of the official launch in 2023.
“We’ve always believed that if there was a button that could make your life more sustainable, then people would press it,” said Jamie Cox, co-founder and CEO. “There is a desire, and an urgent need, to be more sustainable but too often people don’t know where to start or aren’t sure about the right way to go about it.
“Treecard is here to provide that support. First by helping people to become more sustainable in their financial lives, including the ability to plant trees with purchases, and then eventually extending to all aspects of their lifestyle. Through this, we’re making it easier than ever for people to reduce their carbon footprint so we can help more people embrace this journey.
“We’re excited to have the backing of Valar Ventures and World Fund as we look to build the ultimate environmental super app for millions of people across the world.”
James Fitzgerald, founding partner at Valar Ventures, said: “In the last decade, we’ve witnessed the ability of FinTech companies to act as a powerful force for good, for example by effecting positive change in financial inclusion and the democratisation of opportunity.
“We are excited to see Treecard now harness this power to enable people to make more sustainable and environmentally responsible financial decisions.”
Tim Schumacher, founding partner at World Fund, said: “The Treecard team is building a brilliant product that will help transform the way people think about their own carbon footprint. It’s not enough to offer carbon offsets, if we’re going to reach the target of limiting global warming by 2030, then sustained, comprehensive action is needed.
“Using interchange profits to plant trees is one of them, as is driving meaningful change across all areas of a customer’s life. We’re delighted to be supporting Jamie and the rest of the Treecard team on the next stage of their journey as they look to build the leading environmental super app.”