Stockholm-based Doconomy, a pioneering impact fintech company, has raised €34M in a Series B funding round. The round was co-led by UBS Next, the venture and innovation arm of UBS, and climate fintech specialist CommerzVentures, with additional support from new investor S&P Global. Existing investors Motive Ventures, PostFinance, and Tenity also participated in this significant funding round.
Empowering banks for global climate impact
Doconomy’s mission is to provide banks with innovative tools that drive both climate action and financial wellbeing. The funding will enable the company to expand its operations in North America and enhance its product suite, facilitating broader engagement and adoption of its tools. Currently, Doconomy collaborates with over 100 banks worldwide, helping to bridge the gap between ‘saying’ and ‘doing’ by encouraging climate-friendly choices and supporting financial wellbeing.
Innovative impact products
Doconomy offers a range of products designed to mobilise positive climate action:
– Impact Transactions: Converts financial transactions into real-world environmental footprints by measuring their CO₂e (carbon dioxide equivalent) impact using the Åland Index methodology.
– Impact Finance: A goal-based savings solution that couples financial wellbeing with sustainable behaviours, inspiring mindful consumption and investment decisions.
– Impact Activity: Developed in partnership with the UNFCCC, this module provides individuals with clarity on their total environmental footprint.
– Impact Education: Empowers individuals with the knowledge and tools to reduce their climate footprint and achieve a sustainable lifestyle.
Strategic investment to drive growth
The €34M investment will fuel Doconomy’s expansion and product development, enabling more banks to mobilise their clients towards positive climate impact. Mathias Wikström, CEO and Co-Founder of Doconomy, emphasised the importance of this support: “Doconomy works to help build a world where sustainability is the norm – and accessible to all. We want to make every transaction count by empowering everyone to play their part in tackling the climate crisis. To empower banks to be global change makers we know we need to align planet, purpose and profit. Our unique solution empowers users to be more money and climate conscious, while also boosting banks’ bottom line by helping them better understand and engage their customers for positive impact. We could not achieve our goal for a more sustainable future without the invaluable support of our partners, and we are thrilled to welcome UBS Next and S&P Global on board with this mission. Together, we can drive positive climate impact on a truly global scale.”
Commitment from industry leaders
Michael Baldinger, Chief Sustainability Officer of UBS, highlighted the significance of the investment: “UBS Next’s investment in Doconomy underscores our focus on fostering innovation to provide the data and actionable insights our clients need to make informed choices about their investments and effect the change they want to see.”
Paul Morgenthaler, Managing Partner of CommerzVentures, added: “Doconomy empowers banks’ customers to make the best decisions, both for their finances and for the planet. Their solution couldn’t be timelier, as consumers around the world are looking for answers on how to build a sustainable future for themselves and their families. We are thrilled to have invested again in this Series B round, supporting Doconomy’s expansion across the globe.”
Chris Heusler, President of S&P Global Sustainable1, shared his enthusiasm: “To enable change it is essential to have transparency on the impact of consumer behaviour and actionable insights that help market participants make informed choices. Doconomy empowers banks and their clients in their sustainability journey, and we are excited to be part of this investment round to ensure Doconomy can continue to innovate.”
About Doconomy
Founded in 2018 by Mathias Wikström and Johan Pihl, Doconomy is at the forefront of applied impact solutions. The company’s primary mission is to promote future sustainability by enabling individuals and corporations to take responsibility for their environmental impact, encouraging a sustainable lifestyle for all. Doconomy serves over 100 clients across 35 markets and has formed significant partnerships with esteemed organisations such as the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, and the World Wildlife Fund (WWF).
Leveraging robust behavioural science and advanced impact data analytics, Doconomy’s solutions address the growing expectation for banks to assist customers in managing their environmental footprints effectively. The company’s distinctive offerings, bolstered by the strategic acquisition of Dreams Technology in February 2023, empower users to make climate-conscious decisions while promoting financial wellbeing, aligning with the global shift towards sustainable living and consumerism.
