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Visa backs green banking fintech ecolytiq in €13.5M funding for its Sustainability-as-a-Service solution

ecolytiq-Management-Team
Image credits: ecolytiq

ecolytiq, the Berlin-based enabler of green banking has today announced it has raised €13.5M in a round backed by Visa, PwC Germany via a fund managed by Segenia Capital, VCM Global Asset Management and btov. The startup is empowering banks and consumers with more transparency and insights on their environmental spending impact using technology.

Sustainability-as-a-Service

ecolytiq’s Sustainability-as-a-Service solution enables banks, fintechs and financial services providers to show their customers the individual impact their purchasing behaviour has on the environment in real-time. The ecolytiq software calculates an individual’s environmental impacts, such as CO2 values, on the basis of payments. ecolytiq also provides a library with educational content and valuable background information on individual environmental impacts.

The aim is to empower consumers to reduce their individual environmental impact in the long term. Building on this mission, ecolytiq not only provides the appropriate content but also offers suitable CO2 compensation offers from selected and certified organisations which are available via their own marketplace.

Partnering with VISA

ecolytiq initially partnered with Visa in late 2020 through the Fintech Partner Connect programme which aims at bringing new, innovative solutions to issuers and service users. Visa later launched Visa Eco Benefits, its new package of sustainability-focused benefits, partnered with ecolytiq. It provides an embedded carbon footprint tracker that allows Visa issuers to add sustainability-focused benefits & perks to existing Visa cardholders. This will enable them to understand the impact their spending behaviour has on the environment, as well as to encourage and incentivise sustainable consumption behaviour.

Visa Europe’s CEO Charlotte Hogg, commenting on Visa’s investment ecolytiq stated, “A significant shift is needed towards more sustainable behaviours to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices. ecolytiq enables banks and their customers to raise awareness of the positive impact they can make. The company has gone from strength to strength in the past two years and we’re proud to support the next stage of their growth.”

Clients worldwide rely on ecolytiq’s technology to encourage their retail banking customers to take effective climate action, assisting them to shape the kind of future they desire. Some of its other early adopters include Rabobank, Tomorrow Bank, Tatra Bank and Novus, as well as partners such as Worldline and Tink.

Steering the company

In order to fight better against climate change, each and every one of us needs to be more informed and aware of the impact we are having on the environment. ecolytiq co-founder & Chief Product Officer David Lais, further explained his company’s purpose and mission, “We founded ecolytiq with the mission to not only educate consumers all over the world about their individual impact on the environment but at the same time empower them to take action.”

ecolytiq was founded in 2020 by the team comprising David Lais, Frederic Westerberg, Friedrich Hubel, Mirko Kämpf, Richard Malley & Ulrich Pietsch who have more than 50 years of experience in banking, payments, loyalty and scalable data analytics systems. With the newly acquired funds, the green banking enabler will further expand its Sustainability-as-a-Service solution which is currently only available in Europe, Canada, and the US, eventually aiming to service banks & consumers all over the world.

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