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Home»Fintech»TreeCard raises $23 million for wooden debit card
Fintech

TreeCard raises $23 million for wooden debit card

December 1, 2022No Comments2 Mins Read
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TreeCard raises $23 million for wooden debit card
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TreeCard, the supplier of a picket Mastercard debit card that channels income from service provider surcharges into reforestation programmes, has raised $23 million in a funding spherical involving Peter Thiel’s Valar Ventures, World Fund and EQT, Seedcamp, Episode 1 and numerous angels.

Eco-friendly search engine Ecosia purchased a 20% stake in TreeCard in 2020 for £1 million. The startup raised an additional $5.1 million in February final 12 months forward of its launch within the UK.

The picket debit card comes with an app that lets customers observe spending, cut up payments with pals and monitor what number of timber have been planted because of person spending. Working over the Mastercard community, and utilizing back-end card processing companies from Synapse, TreeCard acts as a totally fledged debit account, capable of obtain top-up from a person’s common checking account, with help for chip and PIN, contactless transactions and cell funds.

TreeCard makes cash from the interchange and guarantees to speculate 80% of income into sustainable causes, together with reforestation in partnership with Ecosia. The corporate claims to have planted 200,000 timber since its launch. 

The brand new funding comes as the corporate gears as much as enter ths US market, the place it has a waitlist of 250,000 folks.

Jamie Cox, CEO and co-founder feedback: “We’ve at all times believed that if there was a button that might make your life extra sustainable, then folks would press it. There’s a want, and an pressing want, to be extra sustainable however too usually folks don’t know the place to start out or aren’t certain about the proper option to go about it.”

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