Are you looking for innovative ways to invest while having a positive impact on the environment? Look no further than Swedish climate-focused financial technology startup Doconomy. Doconomy offers tools to help bank customers measure the carbon footprint of their everyday spending. Recently, Doconomy raised 34 million euros ($36.9 million) in a Series B financing round with support from leading European banks such as UBS and Commerzbank.
But Doconomy is more than just a fintech startup. They work with partners like Boston Consulting Group, Mastercard, and the United Nations Framework Convention on Climate Change to calculate the climate cost associated with financial transactions. One of their key tools is the AIand Index, a cloud-based service used by over 100 financial institutions in more than 40 countries to convert transactions into their corresponding CO2 footprints.
Looking ahead, Doconomy plans to expand into North America and launch new products. CEO and co-founder Mathias Wikstrom emphasized the importance of engaging clients in environmental, social, and governance (ESG) work. The alliance with UBS and Commerzbank is seen as a crucial step in addressing important environmental issues.
Despite Doconomy’s success, the firm has faced challenges, including attacks from right-wing commentator Jordan Peterson and his followers. Peterson has criticized Doconomy, labeling it as part of a “green tyranny.” However, Doconomy remains focused on educating and raising awareness about the importance of addressing climate change.
The rise of climate fintech is a sign of the growing interest in sustainable investing. Investors are increasingly looking for ways to support companies that align with their values and contribute positively to the environment. UBS’s investment in Doconomy reflects a commitment to fostering innovation and providing clients with the tools they need to make informed investment choices.
At Extreme Investor Network, we believe in the power of impact investing. Stay tuned for more insights and opportunities to make a difference through your investments. Join us on our journey to create a more sustainable and prosperous future for all.