Doconomy secures €34M Series B to boost climate action in banking

Doconomy provides digital solutions to help financial institutions make climate-friendly decisions
Doconomy secures €34M Series B to boost climate action in banking

Doconomy, a fintech company providing banks with tools to drive climate action and financial wellbeing, today announces the closure of one of €34 million Series B funding.

Doconomy empowers banks worldwide to help close the gap between 'say' and 'do' among their client bases by providing tools that encourage climate-friendly choices while supporting financial wellbeing.

The company was founded in Sweden in 2018. It serves over 100 clients in 35 different markets and has established key partnerships with renowned organisations such as the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, and the World Wildlife Fund (WWF).

Research shows that 63 per cent of consumers globally are looking for more sustainable options for products and services across all aspects of their life, and 64 per cent believe that financial institutions have a key role to play around sustainable living and consumerism. Yet, half (53 per cent) of consumers see banks as being absent from the debate.

Mathias Wikström, CEO and Co-Founder, says:

"Doconomy works to help build a world where sustainability is the norm --- and accessible to all. We want to make every transaction count by empowering everyone to play their part in tackling the climate crisis.

We know we need to align planet, purpose, and profit to empower banks to be global changemakers.

Our unique solution empowers users to be more money and climate-conscious while also boosting banks' bottom lines by helping them better understand and engage their customers for positive impact."

The round was co-led by UBS Next, the venture and innovation arm of UBS, and existing investor CommerzVentures, a pioneering venture capital firm specialising in climate fintech. New investor S&P Global joined the round. Other prominent existing investors Motive Ventures, PostFinance and Tenity also participated.

Michael Baldinger, Chief Sustainability Officer of UBS, says: 

"UBS Next's investment in Doconomy underscores our focus on fostering innovation to provide the data and actionable insights our clients need to make informed choices about their investments and effect the change they want to see."

Paul Morgenthaler, Managing Partner of CommerzVentures, adds:

"Doconomy empowers banks' customers to make the best decisions, both for their finances and for the planet.

Their solution couldn't be timelier, as consumers worldwide are looking for answers on how to build a sustainable future for themselves and their families. We are thrilled to have reinvested in this Series B round, supporting Doconomy's global expansion." 

The capital injection will fuel Doconomy's expansion in North America and support enhancement of its product suite to drive broader engagement and adoption of its tools.

Lead image: Doconomy. Photo: uncredited. 

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