Doconomy, a climate technology startup helping banks understand their environmental impact, has acquired Stockholm-based financial wellbeing FinTech Dreams Technology.
The climate technology company claims this is the first deal of its kind to bridge behavioural economics and climate impact.
Under the acquisition, Doconomy will implement Dreams Technology’s proprietary platform, which uses behavioural science to offer ways to boost banking customers’ digital engagement and financial wellbeing.
Through this, Doconomy will offer its existing banks and financial institutions an extended science-driven product portfolio that will include modules for climate smart savings, debt management and investments.
The companies stated their combined solution will be the first to deliver a best-in-class digital experience that promotes financial wellbeing, encourages sustainable consumption choices and effectuates climate action at scale.
They hope the acquisition will also help establish financial institutions globally as change agents in tackling the combined climate and cost-of-living crises.
Speaking on the deal, Doconomy CEO and co-founder Mathias Wikström said, “The acquisition will allow us to embed the unique methodology Dreams Technology has built over the years together with their suite of proven products.
“This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results.
“We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”
Doconomy’s flagship solution is the world’s first transaction-based carbon footprint calculator, which launched in 2017. The calculator allows banks to show their customers how their environmental impact of their transactions and promote more sustainable choices.
The index calculates the effects for climate change in terms of carbon dioxide equivalents, CO₂e, and water scarcity in terms of freshwater consumption, H₂O.
It also offers calculators to show how a customer’s lifestyle impacts the environment and for brands to assess the impact of their products.
The company previously raised $17m in a funding round back in 2021.
Dreams Technology leverages behavioural economics, psychology and neuroscience to help customers improve their digital engagement and financial wellbeing.
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