TreeCard is a new debit card that will help pay for reforestation work every time it’s used. The card, which is yet-to-launch, is a project created by a fintech company in the UK. The company recently secured 5.1 million dollars in seed funding in order to get the TreeCard out on the market. The card will first launch in the UK and later extend to the US and countries in Europe. Jamie Cox, the CEO of TreeCard told TechCrunch:
“[At a] high level, the climate crisis is the biggest existential risk that humanity has faced in the last 200,000 years; we believe directing the flow of consumer finances is the most powerful way to affect change. We’re building a finance company that allows consumers not just to do less damage with their spending, but to actively improve the world.”
“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. 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.”
Every time you use your TreeCard you’ll help fund reforestation efforts. How? The card uses the interchange fees generated by each bank transaction that com to pass. It’s fairly easy to use TreeCard. After you have linked the TreeCard app to your bank account you’ll be able to start routing your transactions through the card. Every time you buy something some of the cards spending fees goes to tree planting projects run by Ecosia.
Ecosia is a Google-alternative. An eco-friendly search engine that uses 80% of its income generated from ads to plant lots and lots of trees all over the world. In other words, Ecosia generates money for tree planting while you surf the internet. According to Intelligent Livings, Ecosia was an early investor in TreeCard and bought a 20% stake in the company. Cox said:
“They’re our closest partner, and we’ll be working very closely with them as we grow. They invested the first cheque into the company and will be doing all our tree planting for us. Ecosia’s marketing team is extremely experienced, and they will be helping us use their search engine as a core channel for user acquisition over the next few years.”
In the app linked to the TreeCard users can see and monitor how many trees they’ve helped plant by simply using the card. This in order to make users aware of their impact.
TreeCard has promised to invest 80% of their earnings made from interchange fees into tree planting and other reforestation efforts.
Picture: TreeCard via Intelligent Livings
