In a round led by EQT Ventures, London, U.K.-based TreeCard has secured an investment of $5.1 million. The funding takes the company’s total capital raised to $6.1 million.
TreeCard offers a wooden Mastercard debit card and an app that enables users to track their spending and split bills. With backing from Mastercard’s network, TreeCard provides a debit account, with support for chip and PIN, as well as contactless and mobile payments. The card also can receive top-up funding from the user’s other bank accounts. Treecard pledges to spend 80% of its profits to financially support reforestation programs.
Additionally, TreeCard noted that the wood of a single tree – sustainably sourced cherry wood, the company disclosed – can produce more than 300,000 cards. So no need to call out the Lorax. These efficiencies and more (TreeCard’s cards use a core consisting of recycled plastic bottles, as well) are designed to ensure that the company is living up to its status as an “impact first business.”
“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,” TreeCard CEO and co-founder Jamie Cox explained. “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.”
Also participating in this week’s funding were Seedcamp and Episode 1, along with angel investors including Matt Robinson (founder of GoCardless) and Charlie Delingpole (formerly of ComplyAdvantage). TreeCard said that it has a waiting list of more than 140,000 individuals interested in the card. The company is expected to make its wooden debit card available to consumers “in the next few months.”
TreeCard was founded in 2020.
Photo by Lerkrat Tangsri from Pexels
The post Impact-First TreeCard Raises $5.1 Million in New Funding appeared first on Finovate.
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