HomeAcquisitionsStockholm-based Doconomy acquires Dreams Technology to strengthen the link between financial wellbeing...

Stockholm-based Doconomy acquires Dreams Technology to strengthen the link between financial wellbeing and climate-conscious consumption

ClimateTech startup Doconomy, which helps banks, brands and consumers better understand their environmental impact, has just acquired Dreams Technology – the Swedish financial wellbeing fintech. It reflects a growing connection between the financial and environmental world, which promises to leave a genuinely positive impact. 

Put your money where your mouth is. It’s a common phrase in English, advocating that we should act, rather than just speak, and reflecting the power there is in our pockets. Indeed, where we spend money, what we invest in, and the daily financial habits we make certainly have an impact on our wider world – on an environmental, societal and political level.

In the context of the spiralling climate crisis, it couldn’t be more apparent. We’ve seen energy prices spiral out of control, food shortages hit and inflation raise the cost of living as environmental catastrophe strikes. At the same time, we’ve seen the agency we can have in our purchasing. Opting for circular and subscription-based purchases, for example, is making a tidal wave of positive change across Europe.

Now, as Swedish startup Doconomy acquires Dream Technologies, we are seeing this interplay being the financial world and the impact-driven climate-conscious tech space strengthen.

Founded in 2018, Doconomy is on a mission to future-proof life on earth by enabling both individuals and corporations to take responsibility for their environmental footprint. The Stockholm-based team believe that climate action needs to be collective and all-encompassing. Its transaction-based carbon footprint calculator encourages more conscious consumption and lifestyle choices. The core solution is developed with the application of its environmental impact index (Åland Index) which enables CO2 and H2O calculations for all digital financial transactions. Doconomy’s tech is currently used by Mastercard and deployed in 30 countries by some of the world’s leading banks and brands, including BNP Paribas, Klarna, Nordea and Standard Chartered, with over 850 million potential end-users. it’s also a partner of the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, the World Wildlife Fund (WWF), Mitsui, and Parley for the Oceans.

Meanwhile, Dreams Technology has been aiming to better connect banks and consumers to improve financial wellbeing. The Swedish fintech takes a psychological and neuroscience-based approach to drive sustainable behavioural change when it comes to finances. FOudned in 2016, the firm has helped increase financial wellbeing, financial and gender equality, and responsible consumption for its users.

This acquisition deal creates a new future of financial wellbeing and environmental impact, linking together scientific behavioural changes with conscious consumption.

Mathias Wikström, CEO & co-founder of Doconomy: “Doconomy and Dreams Technology are a perfect match! Both companies are built to motivate and shape behaviours in an innovative way that is key to sustainable and lasting change. The acquisition will allow us to embed the unique methodology Dreams Technology has built over the years together with their suite of proven products. This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results. We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”

As per the acquisition agreement, Doconomy will incorporate Dreams Technology’s proprietary platform to its suite of leading environmental impact measurement tools. This will enable Doconomy to offer its existing banks and financial institution partners an extended behavioural science-driven product portfolio that will include modules for climate smart savings, debt management, and investments.

The demand from financial institutions for climate solutions and carbon monitoring tools has skyrocketed in recent years, as global anxieties about climate change grow. An estimated 72% of global emissions are attributable to household consumption, but similarly, a staggering 73% of global consumers say they would change their buying behaviour to reduce their impact on the environment, which underlines the unique opportunity for banks that cater to this preference and address the needs of climate-conscious individuals.

Combining Doconomy’s expertise in quantifying environmental footprints and Dreams Technology’s proven track record of boosting digital engagement and effectively driving behavioural change, the joint product offering will deliver a quality digital experience that promotes financial wellbeing, encourages sustainable consumption choices and effectuates climate action at scale.

In turn, the acquisition will further help establish financial institutions globally as change agents in tackling the combined climate and cost-of-living crises, while enabling banks to address regulatory sustainability reporting and strengthen client and consumer engagement and retention.

Henrik Rosvall, CEO & co-founder of Dreams Technology, who joins Doconomy’s leadership team: “By joining forces with Doconomy, we see a substantial opportunity to promote financial wellbeing and climate action at scale with the first holistic offering in the market. At Dreams Technology, our solutions operationalise over 100 behavioural science insights and are designed to drive sustainable behavioural change in banking customers by closing the intention-action gap, creating positive and impactful financial behaviours, and making money more emotional, accessible, and effective for everyone. It’s a match made in heaven using innovation and behavioural expertise to empower banks in their journey from transaction engines to global change agents.”

Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.
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