TreeCard raises $5.1M seed to plant trees as you spend



TreeCard, a U.K. yet-to-launch fintech offering a spending card made out of wood and the promise to fund reforesting via the interchange fees generated, has raised $5.1 million in seed funding. The round is led by EQT Ventures, with participation from Seedcamp and Episode 1.

Angel investors also backing the startup include Matt Robinson (founder of GoCardless), Paul Forester (founder of Indeed) and Charlie Delingpole (founder of ComplyAdvantage). TreeCard says the funding will be used to hire talent, support the roll-out of its product across the U.K. and to expand into the U.S. and “key European markets”.

Aiming to become a “leading green finance brand”, TreeCard was founded in August 2020 by Thiel fellow Jamie Cox (who previously co-founded Cashew), Gary Wu and James Dugan. The team hit onto the idea of swapping loyalty points or cash back for tree planting, in a bid to create a fintech proposition with more societal impact.

Once signed up, you link the TreeCard app to your current bank accounts so you can begin routing your spending through the Mastercard-powered TreeCard. Purchases you then make — or, specifically, a portion of the card transaction fees your spending generates — is then put toward tree planting projects run by green search engine Ecosia, which is also a pre-seed investor in TreeCard.

“[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 (Read more...)