Berlin-based Sustainability-as-a-Service platform ecolytiq has raised €13.5 million to offer banks and financial institutions the technology to educate and support consumers to manage their environmental impact. The round was backed by Visa, PwC Germany through a fund managed by Segenia Capital, VCM Global Asset Management and btov.
The funds will be used to further expand its solution in Canada, and the U.S. The platform as of now is available only in Europe.
Founded in 2020, ecolytiq works in partnership with Visa to offer solution that leverages payment data in order to provide customers with data-driven CO2 analysis, context, engagement, offsetting, and sustainable investment advice.
In 2021, the startup rolled out an embedded carbon footprint tracker dubbed Visa Eco Benefits. It allows Visa issuers to add sustainability-focused benefits to existing Visa cardholders, enabling them to understand the impact their spending behaviour is having on the environment, as well as encourage and incentivise sustainable consumption behaviour.
The technology is being used by banks to encourage their retail banking customers to take effective climate action, helping them shape the kind of future they want. Early adopters include Rabobank, Tatra Bank, Tomorrow Bank, Novus, as well as partners such as Worldline and Tink.
Ecolytiq co-founder David Lais said: “We aim to not only educate consumers all over the world about their individual impact on the environment, but at the same time empower them to take action,”
Charlotte Hogg, CEO of Visa Europe said: “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.”
Clemens Koch, leader of financial services at PwC Germany said: “PwC Germany supports initiatives that enable financial institutions and banks to leverage the enormous potential of sustainable transformation. The investment in this startup is in line with our commitment to deliver sustained outcomes for financial organizations, their customers, stakeholders and communities to make a positive and enduring impact.”