In a spherical led by EQT Ventures, London, U.Okay.-based TreeCard has secured an funding of $5.1 million. The funding takes the corporate’s complete capital raised to $6.1 million.

TreeCard affords a picket Mastercard debit card and an app that allows customers to trace their spending and break up payments. With backing from Mastercard’s community, TreeCard gives a debit account, with help for chip and PIN, in addition to contactless and cellular funds. The cardboard can also obtain top-up funding from the consumer’s different financial institution accounts. Treecard pledges to spend 80% of its earnings to financially help reforestation packages.

Moreover, TreeCard famous that the wooden of a single tree – sustainably sourced cherry wooden, the corporate disclosed – can produce greater than 300,000 playing cards. So no must name out the Lorax. These efficiencies and extra (TreeCard’s playing cards use a core consisting of recycled plastic bottles, as properly) are designed to make sure that the corporate resides as much as its standing as an “impression first enterprise.”

“We wished to create a monetary product with a distinction, one which was far faraway from greenwashing and allowed clients to enhance the impression of their spending with out drastically altering their habits,” TreeCard CEO and co-founder Jamie Cox defined. “As a multi-stage fund, EQT Ventures’ presence throughout each Europe and the US gives the proper springboard for us to launch into worldwide markets.”

Additionally collaborating on this week’s funding have been Seedcamp and Episode 1, together with angel traders together with Matt Robinson (founding father of GoCardless) and Charlie Delingpole (previously of ComplyAdvantage). TreeCard stated that it has a ready record of greater than 140,000 people within the card. The corporate is predicted to make its picket debit card obtainable to shoppers “within the subsequent few months.”

TreeCard was based in 2020.

Picture by Lerkrat Tangsri from Pexels

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