Here’s an exclusive look at the pitch deck a 23-year-old Y Combinator alum used to raise $1 million for ethical bank cards

Jamie Cox CEO TreeCard.JPG

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Fighting climate change comes in many forms. For some it might be cutting down on meat or flying less, but now people can potentially help fight deforestation with their debit card. 

That’s the idea behind TreeCard, a debit card made from wood launching in 2021. The startup has received $1 million in seed funding from Ecosia, the search engine which has planted more than 110 million trees. 

In partnership with Mastercard, TreeCard will offer a brand new wooden debit card to minimise plastic consumption, made from sustainably-produced cherry wood from the UK and recycled plastic bottles.

Partnering with Ecosia means that for every £45/$60 spent on the card, the company can plant a tree and care for it for three years through the search engine’s existing network of 38 tree-planting locations worldwide. TreeCard says it will donate 80% of its profits from interchange fees — the main revenue source for challenger banks — to deforestation initiatives and will be free to use. 

The company was founded by 23-year-old Jamie Cox, who previously exited an existing fintech venture called Cashew which went through Y Combinator.

Other founders include Peter Francis, who recently raised $250,000 for refugee camps across Lebanon and Iraq, and James Dugan.

“I used Ecosia a lot at university and thought ‘Why don’t we make a fintech version of this,'” Cox told Business Insider. “We approached Ecosia in January about funding because of the synergies and closed the round in the summer.” 

Ecosia has 15 million users worldwide and is run as a B corp and is obliged to put its profits into climate change initiatives rather than into executives’ pockets.

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“I’m thrilled that Ecosia users will have another way to contribute to the fight against the climate emergency with TreeCard,” said Ecosia CEO Christian Kroll. “We will soon be able to help fight climate change simply by buying a round of drinks in the pub or by doing the weekly shop.”

Users are able to reserve their cards now with the US likely to be the first launch location, Cox said. The company will provide challenger bank services like spending alerts, in-app card management, and bill splitting.

TreeCard will be partnering with fintech platform Synapse, a backend technology provider for banking and financial services, to connect with users in the US while for UK customers open banking will be used for deposit services. 

Check out TreeCard’s funding pitch deck below: 

SEE ALSO: Renting a power bank to charge your phone is huge in China and now it’s coming to Europe

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Source:: Businessinsider – Tech

      

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