London-based Treecard was founded in 2020 and, while currently in beta testing mode in the US, has a global waitlist of over 250,000 people.
Treecard , a new fintech spending app, that offers a largely wooded debit card, has $23m Series A round.
The new cash comes from Valar, World Fund and EQT, Seedcamp, Episode 1 as well as angel investors including Figma’s Dylan Field and DoNotPay’s Josh Browder.
It will be used to expand Treecard’s team and further develop its product ahead of the official launch later this year.
Wooden cards aside, Treecard’s other feature is that, through a partnership with Ecosia, the company plants trees on users’ behalf. It says so far 200,000 trees have been planted since its launch.
The wooden debit card connects to a customer’s existing bank account. When the customer spends their money, 80 per cent of the profits earned from merchant transaction fees are used for tree planting.
London-based Treecard was founded in 2020 following a $1m investment from ‘green’ search engine Ecosia and is currently in beta testing mode in the US. It has a global waitlist of over 250,000 people.
“We’ve always believed that if there was a button that could make your life more sustainable, then people would press it. There is a desire, and an urgent need, to be more sustainable but too often people don’t know where to start or aren’t sure about the right way to go about it,” said Jamie Cox, co-founder and CEO of Treecard.