TreeCard Raises $23M in Funding


TreeCard, a remote provider of a wooden Mastercard debit card, reportedly raised $23m in funding round.

Backers included Valar Ventures, World Fund and EQT, Seedcamp, Episode 1 and angels.

The company intends to use the funds to expand operations and enter the US markets.

Led by Jamie Cox, CEO, TreeCard provides a Mastercard debit card made of wooden and that puts 80% of profits directly to responsible reforestation. To this end, the company partners with Ecosia and their network of local tree-planting organizations to plant trees. TreeCard says they have planted 200k trees since its launch. 

The account connects with the user’s existing bank, doesn’t charge any monthly fees, loading fees, foreign currency fees, ATM withdrawal or balance inquiry fees, customer support fees, or inactivity fees. Accounts can be frozen at anytime within the app and are protected and insured up to $250,000 by the FDIC. The Treecard┬« Mastercard┬« Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated.