Fintech
Doconomy secures 34 million euros for eco-friendly fintech solutions
Emerging Swedish fintech company Doconomy has secured an impressive €34 million in a Series B funding round. The venture capital divisions of UBS and CommerzBank led the charge, with additional contributions from, among others, of a well-known financial data and analysis company.
The company uses innovative technology solutions for global financial institutions, enabling them to monitor and manage their carbon emissions. Against a backdrop of growing awareness of climate change, this has the potential to revolutionize the sector.
Doconomy has received endorsements from highly respected stakeholders, including UBS and CommerzBank. This not only highlights the company’s potential success, but could spur wider adoption of green approaches in the fintech sector.
Doconomy, serving more than 100 financial institutions globally since it was founded in 2018, fuels a growing demand for transparency and environmental responsibility.
Doconomy’s eco-fintech solutions raise significant funding
Importantly, the company has been instrumental in attracting a diverse customer base across the globe.
Their flagship tool, AIand Index, translates financial transactions into their equivalent carbon footprints. This innovative service has already been adopted by financial organizations in over 40 countries, providing a new approach to tackling carbon emissions and contributing to the wider fight against climate change.
To calculate the environmental impact of financial operations, Doconomy has joined forces with globally recognized entities, such as Boston Consulting Group, Mastercard, S&P Global and the United Nations Framework Convention on Climate Change. This collaboration has been instrumental in making the carbon footprint of financial operations more visible and provides consumers with valuable tools to offset their carbon footprint.
Part of the newly obtained funding, Doconomy CEO and co-founder Mathias Wikstrom confirmed plans to accelerate the company’s entry into the North American market and begin the development and launch of new products.
Wikstrom expressed Doconomy’s dedication to promoting environmental, social and governance (ESG) ethics globally. The ultimate goal: to enable all banks around the world to engage their customers on the path to higher ESG standards. This embodies Doconomy’s commitment to supporting the changes needed for a more sustainable financial sector, ensuring that the environment, society and governance are held in the highest regard.