A climate-friendly financial technology startup, Ekko, has secured $2.5 million in funding to fuel its growth.

Ekko was founded in 2019 with a mission to plant trees and support conservation efforts whenever customers use their debit card.

This funding round, led by investment firm Fuel Ventures, will allow Ekko to hire specialists in product development and international expansion. Additional capital came from Sorven Partners, Mishcon de Reya, and existing investors. Ekko had previously raised £450,000 in pre-seed funding in 2021.

Founded by a team including Oli Cook, Manish Vara, Simon Toller, and Tom Greenwood, Ekko offers a debit card that calculates the carbon footprint of users' purchases.

They have partnered with organisations like Gold Standard, Conservation International, Tusk, and Prevented Ocean Plastic. Through these partnerships, Ekko plants trees and removes plastic waste from the ocean whenever a customer uses their card. These conservation activities are funded by a monthly subscription fee ranging from £1.99 to £9.99.

Beyond consumer-facing services, Ekko has also created software for businesses. This software integrates with existing banking or checkout apps, allowing third parties to offer Ekko's climate-focused services to their own customers.

“Ekko is a very scalable business, and we’re looking forward to seeing the wider influence that this raise will have on our product growth and impact partners, too,” said Cook.

“The time to act on our current climate situation is now. With this raise, we aim to be the disruptor in the market and enable banks, fintechs, and payment providers to empower their customers to have a tangible and meaningful impact on our world.”

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Source: UKTN