Ecosia Invests in TreeCard: A Sustainable Future for Payments
Ecosia, the eco-conscious search engine, has made a significant investment of £1 million for a 20% equity stake in TreeCard, a pioneering payment solution that employs sustainable materials. The unique wooden card directs profits generated from merchant transaction fees toward vital reforestation initiatives.
TreeCard is accompanied by an intuitive app that allows users to track their spending, split bills with friends, and monitor the trees planted as a result of their expenditures. Operating on the Mastercard network and utilizing backend processing services from Synapse, TreeCard functions as a comprehensive debit account. It allows seamless deposits from users’ traditional bank accounts and supports chip and PIN, contactless payments, and mobile transactions.
Jamie Cox, co-founder of TreeCard, shares, "Our goal is to attract at least 100,000 users, which we estimate would enable the planting of six million trees. TreeCard will expand into the US and various EU markets within the upcoming year, depending largely on the interest and engagement we receive from Ecosia’s global user base."
This partnership aims to enhance Ecosia’s mission of environmental sustainability, as profits from TreeCard transactions will be allocated to reforestation projects across 38 locations worldwide. For every $60 spent using the card, a new tree will be planted, with 80% of TreeCard’s profits reinvested into these vital initiatives.
To create anticipation, Ecosia has launched a waiting list and plans to begin shipping the first TreeCards in December.
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