RailsBank, Toqio, and Mastercard have joined forces with the fintech platform HealRWorld to introduce a corporate debit card that incentivizes sustainable businesses and underscores their dedication to the UN’s Sustainable Development Goals (SDGs).
As part of HealRWorld’s “Together We Can” initiative, launched during the COP26 conference, this corporate debit card leverages sustainability data about small and medium enterprises (SMEs) worldwide. Research conducted by HealRWorld in collaboration with Dun & Bradstreet indicates that SMEs committed to ESG standards are, on average, three times more creditworthy than non-compliant peers.
In addition, a consumer version of the card will be released, designed for use within the HealRWorld Global Sustainable Business Community Platform. This version will feature a carbon calculator that provides users with insights into the carbon footprint of their purchases, utilizing merchant category codes (MCCs) for data.
Nigel Verdon, CEO and co-founder of Railsbank, commented, “This initiative by HealRWorld is timely and impactful, particularly with its launch at COP26. Such innovative solutions are essential for addressing the environmental challenges we face. We are proud to collaborate with Mastercard and Toqio on this venture.”
Railsbank will supply HealRWorld with payment solutions to connect a debit card and payment account to Mastercard’s “Priceless Planets” program, while Toqio’s white-labeled digital finance SaaS platform will facilitate the card’s functionality.
Similar to the sustainable offerings from Bunq and Tred, users of this debit card can offset their carbon emissions for purchases while also contributing to environmental efforts, such as planting a tree with every transaction.
Michele Bongiovanni, founder and CEO of HealRWorld, expressed, “Our goal is to empower consumers to make purchases that contribute positively to the environment and support the achievement of the UN’s sustainable development goals.”
Mike Galvin, CCO and co-founder of Toqio, added, “Toqio’s adaptable nature allows for a streamlined process in launching this debit card, and we are excited to partner with HealRWorld to create a solution that aligns with the UN’s sustainable development agenda.”