About the Fintech Business
TreeCard is a fintech startup business and app that has developed a wooden spending card. On its app, milestones of $60 spent by users equate to TreeCard planting one tree.
Founded just last year, the fintech business has the mission of reforesting the planet, restoring animal habitats, and supporting communities. The spending card developed by the fintech startup company is made from cherry wood, and one tree can produce up to 300,000 cards. In addition, the app business is supported by Ecosia, who owns a 20% stake in the fintech startup company. Furthermore, TreeCard states that 80% of its profits will go toward reforesting the planet.
Jamie Cox, CEO and co-founder of TreeCard, said, “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...”
According to the company website, TreeCard can be used at any merchant, online or in-store, where MasterCard is accepted. Apple Pay, Google Pay, and Samsung Pay can also be connected to a TreeCard.
With an admirable environmental mission as the driving force for the fintech startup business, this company completed a seed funding round, led by EQT Ventures and some angel investors, for $5.1 million. Since the app has not yet launched, the funding from this round will go toward increasing the TreeCard business staff, support for the product rollout across the UK, and business expansion into the US and “key European markets.”
The Environmental Impact
The business uses comparative models to set goals for success. On TreeCard’s website, it states that if the company were to have the same amount of users as JP Morgan Chase & Co., the fintech business would be able to plant 4.3 billion trees per year.
That amount of trees being planted would have a significant impact on the global environment. National Geographic reported that between 1990 and 2016, the world lost 502,000 square miles of forest. Additionally, NatGeo states 46% of trees have been felled since humans started harvesting them, and 17% of the Amazon rainforest has been destroyed in the last 50 years. As a result, wildlife ecosystems have been destroyed, leading to wildlife extinction or endangerment as well as loss in revenue for local economies that rely on the forests.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.