TreeCard

History

2021: Attracting $5.1 million investment

At the end of February 2021, the British fintech company TreeCard, offering debit cards from wood, raised $5.1 million. The round is led by EQT Ventures with Seedcamp and Episode 1. TreeCard intends to use the funds received to expand the staff and to enter the markets of the United States and key European countries.

TreeCard was founded in August 2020 and in the future intends to use fees for planting new trees and restoring forests. Once registered, users can link the TreeCard app to their current bank accounts. Part of the fees charged for card transactions will be directed to the development of eco-protection projects carried out by the Ecosia system.

Fintech company TreeCard attracted millions of investments

The climate crisis is the greatest threat to the existence of humankind that we have faced in the last 200,000 years; we believe that managing the flow of consumer finance is the most effective way to influence these changes, "said CEO Jamie Cox.

The commission in the UK and the EU is very low compared to the US, so it is not yet clear whether the TreeCard will be able to exist and generate income only from the revenue in question. It is not surprising that the founders of the attempt want to enter the US market, where the generated fees are steadily higher than in the EU. However, Cox said that in the EU the company will cooperate with a retail bank that intends to provide all banking infrastructure TreeCard free of charge. Thus, even with a decrease in the commission, these funds will be enough to cover the costs of a startup in the EU. Cox also called Ecosia the closest partner of TreeCar.

They became the first investors and intend to carry out all the work on planting trees. The Ecosia marketing team has great experience, and they will help us attract new users over the next few years, "he added.[1]

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