Patch partnered with Ascenda to make banking greener

By Joy Dumasia

Patch, the API-first platform for carbon removal and Ascenda, the rewards technology company, announced a strategic partnership to make banking greener by enabling consumers worldwide to neutralise their carbon footprint by exchanging bank reward currencies into carbon offsets.

Patch and Ascenda enable banks to drive positive change as they move to set ambitious sustainability goals in response to growing consumer environmental consciousness by giving their customers a new way to offset their carbon footprint. Ascenda is bringing the new proposition to life by leveraging Patch’s diverse carbon offset and removal projects portfolio to ensure that rewards points exchanged into carbon credits cover a broad spectrum of technologies and geographies.

Thanks to the new collaboration, 1.2 billion bank customers across Ascenda’s global TransferConnect network are now within reach of an impactful new points redemption option. This fresh new model for emissions offsetting, the traditional consumer hurdles of monetary cost and access to high-quality carbon offset and removal projects are eliminated to unlock significantly wider adoption, further enhanced by a frictionless digital experience.

Brennan Spellacy, CEO of Patch, said: “Perhaps more than any other sector, banking and financial services has the power to truly unleash the green consumer from offsets as a reward and offset subscriptions, to carbon-neutral investment funds. That’s why we’re excited to partner with Ascenda to launch the industry’s first global rewards exchange for carbon offsets, enabling billions of consumers to leverage unused points balances to invest in trusted carbon removal projects across the globe.”

Kyle Armstrong, CEO of Ascenda, said: “The ability to exchange rewards currency into carbon credits at scale opens up an enormous new source of funding for the fight against climate change. We’re thrilled to work with the team at Patch who are transforming carbon offsets with a highly effective technology infrastructure. Our partnership puts the power to drive change into the hands of consumers worldwide, who increasingly want to make sustainability a factor in their decisions.”