TreeCard issues a wooden Mastercard debit card and an accompanying app that uses card payments to fund tree planting. Customers can use the card with their existing bank account and access neobank-like features, gamification and rewards such as free National Parks entry and match sponsorships to remove plastic bottles. Trees are planted in partnership with Ecosia; 80% of merchant fees are earmarked for reforestation and earlier reports cited one tree planted per $60/£45 spent. The startup is currently running a US beta, has a 250,000-customer waitlist and has already planted 200,000 trees. TreeCard was founded in late 2020 and is based in London. With new Series A funding the company plans to double headcount and refine the product ahead of a planned European launch next year. TreeCard is a yet-to-launch U.K. fintech founded in August 2020 that offers a Mastercard-powered spending card made of wood and an app that routes users' spending to fund reforestation. Users link the TreeCard app to their existing bank accounts so purchases are routed through the TreeCard and a portion of interchange fees is put toward tree planting projects run by Ecosia. Ecosia is an early backer and pre-seed investor and will handle TreeCard's tree planting and support user acquisition via its search engine. The company plans to use the new funding to hire talent, roll out across the U.K., and expand into the U.S. and key European markets. TreeCard says it will partner with an existing retail bank in the EU to provide banking infrastructure for free, while treating the U.S. as a key market because interchange fees there are significantly higher. The team also plans to use analytics to help users identify more and less sustainable spending.

Total raised

$28M

Funding rounds

2

Latest round

Series A

Latest activity

Nov 2022