ekko, the transformative app, debit card and ecosystem which aims to make it “effortless to turn the tide on climate change,” has secured 114% (£342,825) of its £300,000 fundraising target via Seedrs with 18 days left in its sale.
Based in London, the company is focused on the Finance & Payments Mixed Digital/Non-Digital and Mixed B2B/B2C sector. ekko reports a £2.8M pre-money valuation, offering 10.9% equity, a £25 share price, tax relief, EIS.
The key business highlights shared by the ekko team are as follows:
- Proven entrepreneurial fintech founding team
- Signed five year strategic partnership with Mastercard
- Over 2,500 on the waitlist in under 3 months
As noted by the company:
“Welcome to ekko, the transformative app, debit card & ecosystem that turns the tide on climate change without you needing to do anything different. We are on a mission to make it effortless for everyone to do something about climate change – we’re starting with a debit card that plants trees and clears ocean-bound plastic bottles as you use it, but our vision goes far beyond this.”
They added that most of us want to do something about climate change, however, we might not know how to make meaningful contributions or how to take relevant actions. Around 72% of us say the barriers to selecting sustainable brands are “complexity, inconvenience, cost and time,” the ekko team reveals while adding that they aim to change that.
They further noted that by using the ekko debit card when you purchase everyday items or go shopping, you’ll be “planting trees, recycling ocean-bound plastic bottles and tracking your carbon footprint.”
“In our app, you can watch your own forest grow, see the number of bottles you’ve prevented from entering our oceans, monitor your own carbon impact from what you’ve bought and buy from sustainable providers in our marketplace.”
While commenting on their monetization strategy, the company noted that they believe that “a sustainable business needs to be financially, as well as environmentally, sustainable.”
They also shared that their revenues will “broadly be split” into 3 buckets:
- Interchange and Foreign Exchange: This is “the amount we will charge to merchants (i.e. the seller) whenever a customer makes a puchase or when an ekko card is used outside of the UK.” This revenue funds our customers “planting trees and preventing plastic bottles from entering our oceans.”
- Consumer & Business Subscription: Aside from promotional periods or referrals, ekko “intends to charge a small monthly subscription to cover the running costs of the business.” As we expand into corporate expenses, businesses “will pay a monthly fee for using ekko – in line with the current market.”
- Marketplace: Suppliers will “pay a small fee to offer their products on the ekko marketplace as well as a small charge per sale.”
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