TreeCard, a provider of an innovative wooden Mastercard debit card, has successfully secured $5.1 million in its latest funding round, spearheaded by EQT Ventures.
This funding round also saw contributions from Seedcamp and Episode 1, along with notable angel investors such as Matt Robinson, founder of GoCardless, and Charlie Delingpole of ComplyAdvantage.
In a previous investment, eco-friendly search engine Ecosia acquired a 20% share in TreeCard for £1 million last year, reinforcing the partnership for sustainable development.
The TreeCard is designed not only as a debit card but also comes with an accompanying app that enables users to track their spending, split bills with friends, and monitor the reforestation efforts funded by their purchases. Operating on the Mastercard network and utilizing backend processing from Synapse, TreeCard functions as a full debit account, allowing users to top up from their primary bank accounts, complete transactions using chip and PIN, as well as contactless and mobile payments.
The company generates revenue through interchange fees and pledges to invest 80% of its profits into sustainable initiatives, particularly in reforestation efforts in collaboration with Ecosia.
Jamie Cox, CEO and co-founder, stated, “We aimed to create a unique financial product that genuinely reflects sustainability without resorting to greenwashing. With EQT Ventures as a multi-stage fund, their extensive reach across Europe and the US provides us with an excellent platform to expand into international markets.”
Currently, TreeCard has garnered a waiting list of over 140,000 individuals eager to access the card, which is set to launch in the coming months.