TreeCard, a free eco-friendly debit card that channels profits from merchant transaction fees directly to tree planting has planned to release a new wooden debit card, according to AltFi.
The company says it will be able to plant one tree for every GBP 45 spent via its card in areas of the world experiencing deforestation. The firm is backed by a GBP 1 million investment from search engine Ecosia, that also uses its advertising revenues to plant trees. Ecosia, which has 15 million users, will also provide financial, commercial, and marketing support to TreeCard. In return, Ecosia will receive a minority stake in the business, although TreeCard is independent.
TreeCard will be jointly based in London, Europe’s fintech capital, and the home of TreeCard founders, and in Berlin, where Ecosia is based, in order to access 'passporting' rights for the European Union marketplace. TreeCard will be partnering with fintech platform Synapse, a backend technology provider for banking and financial services, including card processing through Mastercard.