Tred, a UK-based green debit card, has successfully secured its initial £400,000 funding target through equity crowdfunding platform Crowdcube. The campaign has attracted more than 300 Crowdcube investors.
Founded in 2019, Tred claims to be the first UK green debit card that allows users track, reduce and offset theri carbon footprint as they spend, and plants trees with profits.
“Tred tracks your carbon footprint, helps you reduce your impact, and gives you a simple way to offset the rest. And every time you spend, you will help us plant trees: our profits fund reforestation projects, not fossil fuels.”
Tred further revealed that it is aiming to capture the “challenger fintech market,” which is projected £365 billion size by 2027. Tred noted that the market is lacking sustainable options and people are searching green bank in the UK as are searching mobile bank. The company also launched its alpha app in late 2020 with the following results:
- Received coverage in the Evening Standard
- Won Pay360 2021 Fintech Pitch Live
- Expert industry investors investing in this round including Nutmeg’s Co-Founder
- Drove 122% waiting list growth in 2021
In regards to what the Crowdcube funds will be used for, the Tred team added:
“Your investment will help us launch the Tred card to the public, then roll out more features, like a personalised carbon coach and green investing. We hope you’ll join us in building a more climate-positive future.”
Tred is now offering 9.18% in equity at a £5 million pre-money valuation through the investment round, which is set to close at the beginning of May.
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