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Doconomy announces largest ever climate fintech investment round in Europe

Doconomy has announced a USD17 million investment round bringing the total invested in the firm since the start of 2018 to USD24 million.

This funding will accelerate Doconomy’s continued expansion and support the further development of its impact applied portfolio; enabling impact calculations on transactions, lifestyle, products and companies of all shapes and sizes. The funding will also be used to recruit new hires to join Doconomy’s growing team.

Doconomy currently processes close to 90 million transaction impact calculations per month in 20 markets, for clients including Klarna, with close to 20 million users in their app, and Nordea with over 2 million users in their digital wallet. Doconomy aims to make its services available in 10 more markets in 2021.

Through one API, Doconomy’s service Åland Index allows customers to assess the impact of a service solution, including climate calculated financial data which presents both CO2e and H2O impact per transaction. Doconomy’s technology and connectivity also powers impact calculations on product level through the for over 2.000 users from brands, media and academia. The tool is part of the University of Oxford’s list of initiatives that can have a positive impact in shaping a more resilient tomorrow. 

Banks, Brands and fintechs – including Bank of the West BNP Paribas, Emeco, Findomestic, Nordea, Standard Chartered, Proximus, Paybox, Flowe, OLB, Triwa and Ålandsbanken – are also using Doconomy’s services.

Doconomy’s transaction impact services are currently provided in Sweden, UK, France, Spain, Germany, Italy, Portugal, Denmark, Finland, Norway, Belgium, Austria, Netherlands, Poland, Australia, Canada, U.S., Sri Lanka, Taiwan and Pakistan. Founded in 2018 and headquartered in Stockholm, Doconomy has more than 50 employees.

The investment round was led by a new investor, CommerzVentures; the specialist fintech investor behind successes including Marqeta, eToro, Mambu, and Bought By Many.

Existing investors such as Mastercard, Wiklöf Holding and Ålandsbanken increased their investments in Doconomy.

Mathias Wikström, co-founder and CEO of Doconomy, says: “As the market leader, shaping the language for impact in every transaction, we help users calculate 3 million transactions per day. We are proud to help educate the many and 2021 has presented rapid growth. We have significantly built out our bank connections across Europe and Asia and will soon assist additional markets.

With banks representing over 360 million users already teaming up with Doconomy our expansion into lifestyle, product and corporate impact calculations looks promising. With Doconomy the conscious consumer is unleashed and the corporate world is very fast in acting on this much needed shift to greater transparency.”

Johan Pihl, co-founder and CIO of Doconomy, says: “Increased transparency and deepened understanding of environmental impact will forever change both how we manufacture products and how we consume them. Conscious consumption and low-impact lifestyles is rapidly becoming a global priority. Doconomy is built on the conviction that if we provide users with the right tools, we can motivate and drive behavioral change, ensuring substantial impact reductions from both individuals and corporations. And with the current funding round combined with local relevance and global reach, we are on track to accelerate the necessary shift towards a more sustainable future.”

Paul Morgenthaler, Partner of CommerzVentures, adds: “At CommerzVentures we are intrigued by the potential of FinTech to foster climate action. Doconomy stands out as the global leader and standard for measuring transaction impacts. We couldn’t be more excited about joining forces, helping banks and payment companies educate and empower their customers for climate action.”

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