Sustainable finance service provider ecolytiq has reportedly finalized a €13.5 million financing round that was led by Visa (NYSE: V) along with other blue chip investors.
Consulting company PwC Germany also took part in the investment round via a fund that’s managed by Segenia Capital, VCM Global Asset Management and btov.
Established in 2019, the Berlin-headquartered firm works in partnership with Visa in order to provide banking platforms and financial institutions the tech needed to educate and support consumers so they can manage their environmental impact.
The platform leverages transactional data in order to offer clients with CO2 spending data, offsetting, as well as sustainable investment advice.
Last year, ecolytiq had teamed up with Visa for the launch of the Visa Eco Benefits bundle, an embedded carbon footprint tracker for Visa member institutions.
Early adopters reportedly include Rabobank, Tatra Bank, Tomorrow, Novus, as well as partners like Worldline and Tink.
Charlotte Hogg, CEO Visa Europe stated:
“A significant shift is needed towards more sustainable behaviours to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices. Ecolytiq enables banks and their customers to raise awareness of the positive impact they can make. The company has gone from strength to strength in the past two years and we’re proud to support the next stage of their growth.”
Ecolytiq co-founder David Lais notes that the proceeds will be invested into product development and new business models for the financial sector in alignment or consistent with the UN Sustainable Development Goals.
As covered last month, a partnership had been formed between Visa Fintech Partner Connect program members ecolytiq and Snowdrop Solutions.
This partnership should enable the climate engagement provider ecolytiq with access to Snowdrop’s precise categorization and location of banking transfers, including retailer logos, ESG (Environmental, Social, Governance) ratings, directions and opening hours along with merchant data from Snowdrop.
As noted in the update, Snowdrop’s clients may benefit from ecolytiq’s proprietary carbon footprinting tech based on the EU-OSR’s Open Payment Standard methodology.
