The company set up a waiting list for the TreeCard and expects to begin shipping the first cards in December. and a number of EU markets over the next 12 months, but so much depends on the interest and sign-ups we get from Ecosia's users around the world," Jamie Cox, TreeCard co-founder, told the news outlet.Įcosia uses profits generated from its search advertising to plant trees. We estimate that this would help us fund the planting of six million trees. "We're looking to get at least 100,000 people on board. The card uses the Mastercard platform, and acts like a debit account with a pin and a chip, letting the user withdraw cash from a bank account and make contactless and mobile payments. Every time a card holder makes a purchase with their card, Treecard charges the. TreeCard users can log on to the card's app and track spending, split bills and monitor how many trees have been planted due to the user's spending. Treecards wooden Mastercard Debit Card plant trees as cardholders spend. 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.Eco-friendly, U.K.-based search engine, Ecosia, is investing £1 million ($1.1million) for a 20% stake in TreeCard, a wooden payment card program.įor every $60 spent using the card, 80% of TreeCard's profits from merchant surcharges will be channeled into tree replanting programs in 38 locations worldwide, according to a Finextra report.
Tom Mendoza, Deal Partner at EQT Ventures who led the investment, adds: “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, says: “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. By challenging the finance industry in this way, positive and long-lasting impact can be created. TreeCard enables consumers to take an active role in making a difference to the climate emergency through everyday spending, without any cumbersome processes. Last year, it was announced that ethical consumer spending and finance in the UK alone reached a record GBP98 billion. Over the last 10 years, Ecosia has planted more than 119 million trees all over the world.Ĭonsumers direct the economy through spending, with sustainability increasingly prioritised.
Instead of funnelling money back to the customer, TreeCard invests 80 per cent of profits into sustainable causes, including reforestation in partnership with Ecosia. TreeCard makes money from the interchange charge and operates in a similar way to Amex, which gives a huge percentage of profits back to consumers in cashback rewards. 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. 80 of profits go straight to reforestation. Powered by Ecosia, the green search engine. TreeCard is the free top-up debit card that reforests the planet with your everyday payments. The startup has received 1 million in seed funding from Ecosia, the search. TreeCard ranked 1st Product of the day for with 404 upvotes and 54 comments. Without spending money on marketing, the company has organically grown a waiting list of over 140,000 people for the launch of the card, which is due to be released in the next few months.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. Thats the idea behind TreeCard, a debit card made from wood launching in 2021. The card is completely free to customers and regular purchases contribute to tree planting projects by Ecosia, the green search engine at least 80% of profits go straight to reforestation projects in 26 countries around the world. TreeCard links with current bank accounts, making it easy and convenient for users to integrate TreeCard into their usual spending habits. The funding will be used to hire fintech talent, support product roll-out across the UK, and expand into the US and key European markets. Angel investors including Matt Robinson (the founder of GoCardless) and Charlie Delingpole (founder of ComplyAdvantage) also participated in the round.
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