TreeCard, a FinTech platform that is aimed at planting trees and boosting sustainability, has reportedly collected €23m for its Series A funding round.
This capital injection will enable TreeCard to hire more staff, with the aim of doubling its team, according to a report from PYMNTS.
Valar Ventures served as the lead investor.
TreeCard launched the world’s first wooden payments card back in 2020. The sustainably sourced cherry wood card, which made merchants pay a small fee for each transaction. After $50 is spent through the card, TreeCard plants a new tree.
The card is a free top-up debit card that can be used alongside the user’s existing bank. It takes 90 seconds to sign up for the card.
In addition to planting trees, the card can be used to earn planet-friendly rewards, such as sustainable travel experiences and conscious clothing.
The FinTech company previously raised $5.12m in its seed funding round back in February 2021. The investment was backed by EQT Ventures, Seedcamp and Episode 1.
Earlier this week, fellow ESG FinTech company FigBytes raised $14.5m in its own funding round. The company has built an ESG insight platform for strategy, reporting, data and stakeholder engagement.
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