TreeCard secures $5.12 million seed round led by EQT Ventures
By Megha Bhattacharya
TreeCard, a wooden Mastercard payment card, has secured $5.12 million seed round led by EQT Ventures, with participation from Seedcamp and Episode 1. Angel investors including Matt Robinson (the founder of GoCardless) and Charlie Delingpole (founder of ComplyAdvantage) also participated in the round.
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.
Jamie Cox, CEO and Co-Founder commented, “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. 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. 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”.
TreeCard links with current bank accounts, making it easy and convenient for users to integrate TreeCard into their usual spending habits. 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.
Tom Mendoza, Deal Partner at EQT Ventures who led the investment added, “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. 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”.
IBSi Daily News Analysis
February 28, 2024
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage