Can a bank achieve complete net-zero status? And where can climate-conscious consumers find ethical, sustainable payment options?
At Money20/20 Europe in Amsterdam, Sophia Furber, a fintech research analyst from S&P Global, engaged with Richard Theodossiades, founder and CEO of Zero Fintech, during the panel session titled “Building a Net Zero Retail Bank.”
Zero Fintech is a neobank focused on climate change that officially launched in the UK in January 2025. Theodossiades discussed alarming statistics regarding the rise in global temperatures and pointed out that traditional UK banks are still heavily invested in fossil fuel production. He revealed that the five largest UK banks—Barclays, HSBC, Santander, NatWest, and Lloyds—have contributed billions to fossil fuel initiatives since 2023, and hundreds of billions since the Paris Agreement was enacted. Barclays, for example, has spent $24.2 billion since 2023 and $235 billion since 2016.
“When I talk to some of the CEOs of those banks, they say, ‘We want to do sustainability, but it’s going to take us 25 years.’ We can’t wait. The planet can’t wait. That’s the issue we aim to address,” he noted.
Theodossiades emphasized Zero Fintech’s mission to empower climate-conscious consumers with sustainable banking options. Young adults under 34 not only feel climate anxiety but are actively seeking products that can help alleviate this concern.
The GreenScore is a key feature of Zero Fintech, serving as a personal sustainability index that rates users’ eco-friendliness on a scale from 0 to 1000. This score is calculated by analyzing transactions made through customers’ Zero accounts, as well as linked bank accounts, to determine their carbon footprints. The aim is to gamify sustainability, providing a clear indicator of eco-friendly behaviors and motivating users to improve.
Additionally, Zero is set to introduce Zero Carbon Projects, allowing users to invest in sustainable initiatives that will offset high carbon-emission transactions directly through the app. The fintech has already gained 10,000 registered customers, indicating strong market demand.
Zero Fintech offers a “bank-like experience” through strategic partnerships in various banking operations, including transaction monitoring and open banking services. Theodossiades, who previously founded Wealthify, a digital wealth management platform focused on ethical investments, envisions developing Zero further with plans to apply for a banking license to expand their service offerings. The app is currently available for free download in the UK.
“Our goal is to offer pensions and investment products. If we succeed, we’ll create a community of millions of climate-conscious consumers and become the go-to platform for top-tier sustainable products,” Theodossiades concluded.