Ecosia, TreeCard to release a wooden debit card

Friday 16 October 2020 14:07 CET | News

TreeCard, a free eco-friendly debit card that channels profits from merchant transaction fees directly to tree planting has planned to release a new wooden debit card, according to AltFi.

The company says it will be able to plant one tree for every GBP 45 spent via its card in areas of the world experiencing deforestation. The firm is backed by a GBP 1 million investment from search engine Ecosia, that also uses its advertising revenues to plant trees. Ecosia, which has 15 million users, will also provide financial, commercial, and marketing support to TreeCard. In return, Ecosia will receive a minority stake in the business, although TreeCard is independent. 

TreeCard will be jointly based in London, Europe’s fintech capital, and the home of TreeCard founders, and in Berlin, where Ecosia is based, in order to access 'passporting' rights for the European Union marketplace. TreeCard will be partnering with fintech platform Synapse, a backend technology provider for banking and financial services, including card processing through Mastercard.   

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Keywords: search engine, Ecosia, wooden debit card, TreeCard, eco-friendly, debit card, transaction fees, tree planting, investment, financial support, fintech, Europe, European Union, marketplace, fintech platform, Synapse, banking, financial services, card processing, MasterCard
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech