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Stockholm-based Doconomy, a fintech firm that helps banks with instruments to struggle local weather change and enhance individuals’s monetary well being, introduced that it has acquired €34M in B-round funding, one among Europe’s “largest funding rounds” within the sector.
The funding was co-led by UBS Subsequent, the enterprise and innovation arm of UBS, and present investor CommerzVentures, a VC agency that invests in fintech initiatives centered on local weather.
S&P International, an organization that gives credit score scores and different monetary companies, joined as a brand new investor. Motive, PostFinance, and Tenity, present traders, additionally participated within the spherical.
Managing Associate of CommerzVentures, says, “Doconomy empowers banks’ clients to make the most effective choices, each for his or her funds and for the planet. Their resolution couldn’t be timelier, as customers around the globe are in search of solutions on how one can construct a sustainable future for themselves and their households.”
Bridging the hole between monetary funding and environmental affect
As individuals more and more need sustainable choices, banks are anticipated to assist them handle their environmental affect. Doconomy mentions in a press release, that analysis suggests most customers need eco-friendly decisions however really feel banks aren’t doing sufficient to assist them on this. Doconomy goals to bridge this hole.
Michael Baldinger, UBS’s Chief Sustainability Officer, says, “UBS Subsequent’s funding in Doconomy underscores our deal with fostering innovation to offer the info and actionable insights our shoppers have to make knowledgeable decisions about their investments and impact the change they wish to see.”
Doconomy empowers banks with instruments to assist their clients handle their environmental footprints virtually. The instruments encourage eco-friendly decisions whereas additionally supporting monetary well being.
This “first-of-its-kind” resolution, combines behavioral science with superior information analytics, due to Doconomy’s acquisition of Desires Expertise in February 2023.
Temporary about Doconomy
Based in 2018 by Mathias Wikström and Johan Pihl, Doconomy has served over 100 shoppers in 35 completely different markets and has established key partnerships with organisations such because the United Nations Framework Conference on Local weather Change (UNFCCC), Mastercard, S&P Trucost and World Wildlife Fund (WWF).
The corporate presents a spread of merchandise together with:
Impression Transactions: This instrument calculates the carbon footprint of economic transactions utilizing the Åland Index methodology, serving to individuals perceive the environmental affect of their spending.
Impression Finance: It’s a financial savings resolution tied to non-public objectives and sustainable habits. By linking monetary objectives with lowering emissions, it encourages extra conscious consumption and funding choices.
Impression Exercise: Developed with the UNFCCC, this self-assessment instrument helps people perceive their total environmental footprint.
Impression Training: This module gives sources and instruments to assist people undertake a extra sustainable life-style by lowering their local weather footprint.
How will the funds be utilised?
With this new funding, Doconomy plans to develop its presence in North America and enhance its product vary. The corporate additionally seems to be to get extra individuals to have interaction and undertake to its instruments.
CEO and co-founder of Doconomy, Mathias Wikström, says, “Doconomy works to assist construct a world the place sustainability is the norm – and accessible to all. We wish to make each transaction rely by empowering everybody to play their half in tackling the local weather disaster.”
“To empower banks to be international change makers we all know we have to align planet, objective and revenue. Our distinctive resolution empowers customers to be extra money and climate-conscious, whereas additionally boosting banks’ backside line by serving to them higher perceive and interact their clients for constructive affect.”
“We couldn’t obtain our aim for a extra sustainable future with out the invaluable assist of our companions, and we’re thrilled to welcome UBS and S&P International on board with this mission. Collectively, we will drive constructive local weather affect on a very international scale,” provides Wikström.
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