Emerging Swedish fintech firm, Doconomy, has secured an impressive 34 million euros in a Series B funding round. UBS and CommerzBank’s venture capital divisions led the charge, with additional contributions from a noteworthy financial data and analytics firm, among others.
The firm employs innovative technology solutions to global financial institutions, allowing them to track and manage their carbon footprints. Amidst increasing awareness of climate change, this has the potential to revolutionize the industry.
Doconomy has received endorsement from well-respected stakeholders including UBS and CommerzBank. This not only emphasizes the prospective success of the company, but may prompt wider adoption of eco-friendly approaches within the fintech sector.
Serving over 100 financial institutions globally since being established in 2018, Doconomy fuels a growing demand for transparency and environmental responsibility.
Doconomy’s eco-fintech solutions draw massive funding
Importantly, the company has been instrumental in attracting a diverse worldwide customer base.
Their prominent tool, AIand Index, translates financial transactions into their equivalent carbon dioxide footprints. This innovative service has already been adopted by financial organizations in over 40 countries, providing a novel approach to tackling carbon emissions and contributing to the broader fight against climate change.
To compute the environmental impact of financial operations, Doconomy has joined forces with globally recognized entities, such as the Boston Consulting Group, Mastercard, S&P Global, and the United Nations Framework Convention on Climate Change. This collaboration has been key in making the carbon footprint of financial operations more visible and provides valuable means for consumers to offset their carbon footprints.
Party to the newly-secured funding, Doconomy’s CEO and co-founder, Mathias Wikstrom, confirmed plans to speed up the company’s market entry into North America and initiate the development and launch of new products.
Wikstrom expressed Doconomy’s devotion to fostering the Environmental, Social, and Governance (ESG) ethos globally. The ultimate goal – to empower all banks across the world to engage their customers in the journey towards higher ESG standards. This epitomizes Doconomy’s commitment to ringing the changes required for a more sustainable financial sector, ensuring the environment, society, and governance are held in the highest regard.
