Doconomy raises $17m to continue its mission of helping banks reduce environmental impact

Doconomy, which provides data tools to help banks and other financial services to understand their environmental impact and reduct it, has closed a $17m funding round.

The capital will help Doconomy further its expansion efforts and the development of its portfolio to enable impact calculations on transactions, lifestyle, products and companies of all shapes and sizes. Funds will also be used to hire more staff for its team.

CommerzVentures served as the lead investor, with commitments also coming from Mastercard, Wiklöf Holding and Ålandsbanken.

Doconomy’s flagship API product Åland Index enables customers to assess the impact of a service solution, including climate calculated financial data which presents both CO2e and H2O impact per transaction. Its technology also empowers impact calculations on a product level through the for over 2.000 users from brands, media and academia.

The WealthTech company was created to motivate and drive behavioural change to reduce substantial impact.

The company claims to process around 90 million transaction impact calculations each month, spanning 20 markets.  The company is hoping to reach ten more markets in 2021.

Doconomy co-founder and CEO Mathias Wikström said, “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.”

ESG is becoming an important topic within the financial sector and this could be impacting the face of wealth management. Speaking to FinTech Global in a recent interview, Sugi CEO and founder Josh Gregory said, “Climate change is a clear risk for many organisations, and those who are not addressing this risk may struggle in the long term.”

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