The fight against climate change needs each and every one of us to play a role. A key part of this is ensuring that people are more informed and aware of the impact they are having on the environment. On a mission to empower banks and consumers with more transparency and insights, Berlin-based ecolytic has just picked up €13.5 million.
The funding was led by Visa, PWC Germany through a fund managed by Segenia Capital, VCM Global Asset Management and btov.
Founded in 2020, ecolytiq is giving consumers more ammunition in the fight against climate change with its Sustainability-as-a-Service offering. The startup works in partnership with Visa to offer banks and financial institutions the technology to educate and support consumers to manage their environmental impact. The solution leverages payment data in order to provide customers with data-driven CO2 analysis, context, engagement, offsetting, and sustainable investment advice.
Essentially, it gives banks the tech they need to give consumers the information they need in order to reduce negative climate impact. It’s a wonderful example of how startups can work alongside corporates for the greater good.
ecolytiq co-founder David Lais, explained: “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.”
Clients worldwide trust the ecolytiq technology to encourage their retail banking customers to take effective climate action, helping them shape the kind of future they want. Early adopters include Rabobank, Tatra Bank, Tomorrow Bank, Novus, as well as partners such as Worldline and Tink.
In 2021, ecolytiq partnered with Visa on the launch of the Visa Eco Benefits bundle. The embedded carbon footprint tracker allows Visa issuers to add sustainability-focused benefits to existing Visa cardholders, enabling them to understand the impact their spending behaviour is having on the environment, as well as encourage and incentivise sustainable consumption behaviour.
Charlotte Hogg, CEO Visa Europe said: “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.”
The fresh funding will now be used to further expand the Sustainability-as-a-Service solution which is currently available in Europe, Canada, and the US, with the aim to bring the mission to banks all over the world. The impact-driven startup wants to empower consumers internationally to work together to achieve the UN Sustainable Development Goals and tackle the climate crisis. It’s one that ultimately affects each and every one of us, so each and every one of us needs to be part of the solution.
Clemens Koch, Leader of Financial Services at PwC Germany added: “PwC Germany supports initiatives that enable financial institutions and banks to leverage the enormous potential of sustainable transformation. The investment in ecolytiq is in line with our commitment to deliver sustained outcomes for financial organizations, their customers, stakeholders and communities to make a positive and enduring impact.”