Peter Thiel’s VC fund backs TreeCard, a fintech that plants trees when you spend – CNBC
TreeCard offers users a spending and money management platform tied to a debit card made from wood.
TreeCard
TreeCard, a climate-conscious digital money app, raised $23 million from investors in a new financing round.
Founded by British entrepreneur Jamie Cox in October 2020, TreeCard is a novel concept in the fintech world. It offers users a spending and money management platform tied to a debit card made from wood.
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The firm uses 80% of the profits it makes from card interchange fees to plant trees through a partnership with green search engine Ecosia. TreeCard has so far planted more than 200,000 trees.
The deal underscores increased interest by VC investors in companies addressing climate change. Funding for climate tech startups hit a record $111 billion in 2021, according to a report from U.K. startup network Tech Nation.
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