TreeCard, a London, UK-based wooden Mastercard™ payment card that plants trees with everyday spending, raised a $5.12m in seed funding.
The round was led by EQT Ventures, with participation from Seedcamp and Episode 1 and angels including Matt Robinson (the founder of GoCardless) and Charlie Delingpole (founder of ComplyAdvantage).
The company intends to use the funds to hire fintech talent, support product roll-out across the UK, and expand into the US and key European markets.
Founded in August 2020 by 23 year-old Jamie Cox (CEO and co-founder), alongside James Dugan (CMO and co-founder) and Gary Wu (co-founder and CTO), TreeCard links with current bank accounts, enabling users to integrate the service into their usual spending habits. The card is free to customers and regular purchases contribute to tree planting projects by Ecosia, the green search engine. At least 80% of profits go straight to reforestation projects in 26 countries around the world.
The company makes money from the interchange charge, which gives a huge percentage of profits back to consumers in cashback rewards. Instead of funnelling money back to the customer, TreeCard invests 80% of profits into sustainable causes, including reforestation in partnership with Ecosia. Over the last 10 years, Ecosia has planted more than 119 million trees all over the world.
The company is developing the wooden Mastercard™ for release in mid-2021, which links to pre-existing current accounts.