TreeCard raises $1m from Ecosia ahead of 2021 launch
TreeCard, a new fintech start-up, has raised $1 million in seed funding from tree planting search engine Ecosia.
The start-up was founded by 23-year-old CEO, Jamie Cox. He previously exited a Y Combinator start-up called Cashew.
TreeCard aims to launch next year, and is made of sustainable cherry tree wood.
The debit card will be made in partnership with Mastercard.
Ecosia, the search engine, has planted more than 110 million trees.
Ecosia notes on its website that TreeCard’s free debit card will use 80% of its profits to plant trees across Ecosia’s reforestation projects.
TreeCard’s donation will come from its interchange fees — the main revenue source for challenger banks — to deforestation initiatives.
Partnering with Ecosia means that for every £45/$60 spent on the card, the company can plant a tree and care for it for three years through the search engine’s existing network of 38 tree-planting locations worldwide.
Ecosia has 15 million users worldwide and is run as a B-corp. It is obliged to put its profits into climate change initiatives rather than into executives’ pockets.
Users are able to reserve their cards now with the US likely to be the first launch location. People who register before 1 December will receive a free wooden card as soon as TreeCard launches. It claims to have no hidden fees, and no greenwashing.
Oct. 19, 2020