Payment processing and global retail banking platform Klarna announced on Friday it has teamed up with Milkywire, a new digital platform for enabling impact through grassroots NGOs, as its strategic partner for its Give One initiative. Klarna reported that as part of the program, it will allocate 1% of its latest $1 billion funding round, a total of $10 million, to initiatives supporting conservation, mitigation, and restoration efforts for climate and biodiversity.
“The donations from Klarna will focus on backing initiatives tackling the most pressing challenges around climate change and loss of biodiversity. A curated committee of experts will facilitate the process of selecting impactful solutions globally to be funded through the pledge. The framework will be made available to the public, in the hope of inspiring other growth and pre-IPO companies to follow suit and support planet health initiatives.”
Klarna further revealed that in order to allow consumers to participate in the action, it will offer them the opportunity to donate to the same projects and more through a donation integration in its products, powered by Milkywire. The platform will also source, screen, monitor and report on Klarna-specific partner NGOs and create content at scale. Speaking about the partnership, David Sandström, CMO at Klarna, stated:
“Milkywire is our strategic partner for Give One and the ideal partner for Klarna as we aim to simplify the act of doing good for the climate and biodiversity. While Klarna has focused on simplifying the world of payments across the world, Milkywire is disrupting the giving space by bringing tech to support civil society projects around the world.”
The partnership with Milkywire comes just days after Klarna announced the launch of its carbon footprint insights for all shopping purchases, as part of its 1% pledge. According to Klarna, the feature will introduce an experience for users to access carbon footprint insights and brings to life awareness-raising efforts on carbon footprints, based on consumer reach. The company has notably partnered with Doconomy to provide shoppers with an average kgCO2 value for each purchase.