Tred, a sustainability startup behind green debit cards, is to wind down despite raising investment just four months ago.
The Leeds business was founded by university friends Peter Kirby and Will Smith four years ago to track users’ carbon footprints with the aim of tackling climate change.
Dale Vince’s energy firm Ecotricity provided its most recent funding.
Kirby told us in early 2022 that Tred, which also raised money via crowdfunding – hitting their target 90 minutes after going live – represented the Durham University graduates’ 67th business idea together.
Smith cited changes to rules on push payment fraud as to why the business was no longer able to keep running.
“Endings are hard, but the Tred journey was incredible,” he wrote on LinkedIn. “This isn’t the post we ever wanted to write, but today we’re sharing that Tred will be winding down. After four amazing years, countless lessons, and an incredible journey, it’s time to close this chapter.
“Recent changes to financial regulations around Authorised Push Payment Fraud (APPF) have significantly impacted smaller disruptors like Tred, which we simply aren’t equipped to sustain.
“We’ve been part of something amazing and built something groundbreaking, with an incredible team of passionate, talented people. We couldn’t be prouder of what we’ve achieved together and the community we’ve built.
“This is the end of Tred, but it’s far from the end of the fight for sustainable finance. The mission continues, and I know that the seeds we’ve planted will grow into something even greater.”
The new rules, aimed at reducing financial harm to consumers, include a £100 excess on fraud claims and £85,000 cap on reimbursement payments.
Kirby added: “When we started Tred, we had a simple mission: to make money work for the planet, not against it.
“From launching fossil-fuel-free accounts to raising awareness of the hidden carbon emissions of most high-street banks, we’ve been part of some amazing conversations and moments of change.
“I’ll be reflecting more about these regulation changes in the coming weeks.
“Let’s keep pushing for a greener, fairer future.”