ecolytiq, which stylises itself as a sustainability-as-a-service provider, has raised ?13.5m in a funding round.
The funds were supplied by Visa, PwC, VCM Global Asset Management and btov. Funds will be used to further the development of its product and expand the markets it operates in.
Founded in 2020, ecolytiq works in partnership with Visa to offer banks and financial institutions with the technology to educate and support consumers to manage their environmental impact. The company sustainability-as-a-services are currently available in Europe, Canada and the US.
Its solution leverages payment data to give customers data-driven CO2 analysis, context, engagement, offsetting and sustainable investment advice, it claims.
In 2021, it teamed up with Visa again for the launch of the Visa Eco Benefits bundle. This is an embedded carbon footprint tracker that allows Visa issuers to add sustainability-focused benefits to existing Visa cardholders. This helps users understand the impact their spending behaviour is having on the environment, as well as encourage and incentivise sustainable consumption behaviour.
Visa Europe CEO Charlotte Hogg said, ?A significant shift is needed towards more sustainable behaviours to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices.
?ecolytiq enables banks and their customers to raise awareness of the positive impact they can make. The company has gone from strength to strength in the past two years and were proud to support the next stage of their growth.p>
Earlier in the year, Hong Kong-based Allinfra, which is helping institutions meets sustainability goals, has scored $6m in funding.
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