Climate fintech startup Ekko raises £2m

A climate-focused fintech startup that promotes environmental conservation through its debit card usage has secured $2.5 million (£2 million) in funding.

Founded in 2019, Ekko intends to utilize the funding to recruit top-tier industry professionals who can contribute to product development and global expansion initiatives.

Fuel Ventures led the funding round, with additional investments from Sorven Partners, Mishcon de Reya, and existing backers. This follows Ekko’s previous pre-seed funding of £450,000 in 2021.

Co-founded by Oli Cook, Manish Vara, Simon Toller, and Tom Greenwood, Ekko has developed a unique debit card that monitors the carbon footprint associated with purchases.

Through partnerships with renowned organizations like Gold Standard, Conservation International, Tusk, and Prevented Ocean Plastic, Ekko plants trees and collects ocean-bound plastic with every consumer transaction. These conservation efforts are funded through a subscription fee ranging from £1.99 to £9.99 per month.

Moreover, Ekko has developed business-to-business (B2B) software to integrate into banking or checkout applications, enabling third parties to access its climate services.

Oli Cook emphasized Ekko’s scalability, anticipating the broader impact of the funding on product development and partnerships. He underscored the urgency of addressing climate change and Ekko’s mission to disrupt the market by empowering financial institutions to facilitate tangible environmental impact for their customers.

Ekko joins the ranks of other green fintech companies like Tandem and Tred, all committed to providing sustainable financial services.

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Source: uktech.news