Climate tech startup Doconomy has acquired Stockholm financial wellbeing fintech Dreams Technology for an undisclosed sum.
Doconomy is building a holistic platform to measure climate and social impact in the financial services industry. Since launch in 2017, it's become a leading provider of environmental impact indexes for digital financial transactions, used by Mastercard and deployed in 30 countries by many banks and brands.
By buying up Dreams, it hopes to incorporate the latter's behavioural science engineering talent and underlying software into its own environmental impact workflows, helping better meet demand among sustainability-minded financial institutions given that 72% of emissions globally arise from household consumption, thereby being directly influenced by human behaviours.
Specifically, Dreams expects to add new modules for climate smart savings, debt management and investments.
Financial institutions require better insights into consumer behaviour as cost-of-living concerns jostle with the need to address climate change in consumer mindsets.
Dreams employees will join Doconomy's R&D units following the acquisition, according to Doconomy co-founder and CEO Mathias Wikström.
"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."
Henrik Rosvall, CEO and co-founder of Dreams Technology, added: "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 operationalise over 100 behavioural science insights and are designed to drive sustainable behavioural change in banking customers by closing the intention-action gap, creating positive and impactful financial behaviours, and making money more emotional, accessible, and effective for everyone.
"It’s a match made in heaven using innovation and behavioural expertise to empower banks in their journey from transaction engines to global change agents.”
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