Doconomy, the climate technology startup helping banks, brands, and consumers to better understand and reduce their environmental impact – has acquired Stockholm-based financial wellbeing fintech Dreams Technology.
This marks the “first” deal of its kind “to bridge the unique intersection of behavioural economics and climate impact.”
Under the acquisition, Doconomy will incorporate Dreams Technology’s proprietary platform – which leverages behavioural science “to deliver radical new ways to boost banking customers’ digital engagement and financial wellbeing – to its suite of leading environmental impact measurement tools.”
This will enable Doconomy “to offer its existing banks and financial institution partners an extended behavioural science-driven product portfolio that will include modules for climate smart savings, debt management, and investments.”
Through the unique combination of Doconomy’s expertise “in quantifying environmental footprints and Dreams Technology’s proven track record of boosting digital engagement and effectively driving behavioural change, the joint product offering will be the first to deliver a best-in-class digital experience that promotes financial wellbeing, encourages sustainable consumption choices and effectuates climate action at scale.”
In turn, the acquisition will “further help establish financial institutions globally as change agents in tackling the combined climate and cost-of-living crises, while enabling banks to address regulatory sustainability reporting and strengthen client and consumer engagement and retention.”
Mathias Wikström, CEO & co-founder of Doconomy, comments:
“Doconomy and Dreams Technology are a perfect match! Both companies are built to motivate and shape behaviours in an innovative way that is key to sustainable and lasting change. The acquisition will allow us to embed the unique methodology Dreams Technology has built over the years together with their suite of proven products. This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results. We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”
The demand from financial institutions for climate solutions and carbon monitoring tools has skyrocketed “in recent years, as global anxieties about climate change grow.”
As noted in the update, “an estimated 72% of global emissions are attributable to household consumption, but similarly, a staggering 73% of global consumers say they would change their buying behaviour to reduce their impact on the environment, which underlines the unique opportunity for banks that cater to this preference and address the needs of climate-conscious individuals.”
Henrik Rosvall, CEO & co-founder of Dreams Technology, who joins Doconomy’s leadership team, adds:
“By joining forces with Doconomy, we see a substantial opportunity to promote financial wellbeing and climate action at scale with the first holistic offering in the market. At Dreams Technology, our solutions operationalize over 100 behavioral science insights and are designed to drive sustainable behavioral change in banking customers by closing the intention-action gap, creating positive and impactful financial behaviors, and making money more emotional, accessible, and effective for everyone. It’s a match made in heaven using innovation and behavioral expertise to empower banks in their journey from transaction engines to global change agents.”
As mentioned in the announcement, Doconomy provides impact data services “for individuals and corporations to measure and educate around the environmental impact connected to consumption and lifestyle choices.”
Since officially launching the world’s first transaction-based carbon footprint calculator in 2017, Doconomy has successfully “sustained an impressive year-on-year growth, thanks to relentless innovation, having continually broadened its product ecosystem, releasing a diverse set of tools and impact methodologies aimed at engaging users in everyday climate action.”
Doconomy’s core solution is “developed with the application of its environmental impact index (Åland Index) which enables CO2 and H2O calculations for all digital financial transactions.”
Today, Doconomy’s ecosystem is “setting a global standardised language around how impact is measured, and the company’s technology is currently used by Mastercard and deployed in 30 countries by some of the world’s leading banks and brands, including BNP Paribas, Klarna, Nordea and Standard Chartered, with over 850 million potential end-users.”
