Climate Tech Startup Secures .9 Million to Power Banks Against Environmental Tyranny

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**Striving for a Greener Future: Doconomy Secures €34 Million in Series B Funding**

Embarking on a transformative journey, Swedish fintech startup Doconomy has received an impressive €34 million (.9 million) in a Series B financing round. Fueled by leading European banks UBS and Commerzbank, this significant investment marks a promising milestone in Doconomy’s mission to revolutionize financial technology with a focus on sustainability.

**Empowering Customers with Carbon-Conscious Spending**

At the heart of Doconomy’s services lies a suite of innovative tools designed to empower bank customers with unprecedented insight into the carbon footprint of their everyday expenses. The company’s flagship product, the AIand Index, harnesses the power of cloud-based analytics to meticulously convert every financial transaction into its corresponding CO2 emission. This game-changing technology has gained widespread adoption, with over 100 financial institutions in more than 40 countries utilizing it to promote responsible consumption.

Embracing a holistic approach to sustainability, Doconomy emphasizes the interconnectedness of environmental and social well-being. “We see a direct correlation between the E and S of ESG,” remarked Mathias Wikstrom, Doconomy’s CEO and co-founder. “By highlighting the impact of our actions on the planet, we empower our clients to make informed choices that contribute to a more sustainable future.”

**Driving Growth and Impact**

Doconomy’s vision of global sustainability reverberates through its ambitious expansion plans. The company intends to channel the newly acquired funding to accelerate its presence in North America and introduce a diverse range of innovative products. “We envision a day when every bank, regardless of location, engages their customers in the critical ESG journey,” Wikstrom asserted.

Affirming the company’s commitment to excellence, Doconomy’s valuation remains unchanged from its Series A round, which saw remarkable participation from investors such as Citi Ventures, Mastercard, and Ingka. This resilience underscores the firm’s unwavering dedication to transforming the financial landscape while prioritizing ethical and environmental considerations.

**Navigating Climate Skepticism with Education**

Doconomy’s journey has not been without challenges. The company recently faced criticism from prominent climate skeptics, including Jordan Peterson. However, Wikstrom remains optimistic, recognizing the significance of combating misinformation with education.

Highlighting the urgent threat posed by climate change, Wikstrom emphasized, “Extreme weather events are no longer seasonal occurrences; they have become a constant source of fear. It’s imperative that we educate individuals and demonstrate the undeniable connection between our actions and the well-being of our planet.”

**The Importance of Climate Fintech**

Doconomy’s unwavering commitment to environmental sustainability aligns with the growing prominence of climate fintech, a niche area of financial technology that empowers organizations to align their operations with ESG goals. By partnering with climate-focused startups like Doconomy, financial institutions demonstrate their dedication to mitigating the impact of their investments on the environment.

Michael Baldinger, chief sustainability officer of UBS, underscored the bank’s unwavering commitment to innovation and sustainability. “Our investment in Doconomy underscores our belief in fostering solutions that empower our clients to make informed decisions that positively impact the future of our planet,” Baldinger remarked.

As the world grapples with the urgency of climate change, Doconomy stands as a beacon of hope, equipping individuals and organizations with the knowledge and tools to create a greener tomorrow.


Image Credits: Doconomy

Data sourced from: cnbc.com