Opna, a London-based climate FinTech company, formerly known as Salt, has recently garnered attention in the finance world.
The startup has successfully secured a seed funding amounting to $6.5m (£5.2m), according to a report from UKTN. The investment round was spearheaded by the VC firm Atomico and saw participation from previous investors like Pale Blue Dot, MCJ Collective, Angelinvest, and Tiny VC.
Founded in February 2022, Opna is on a mission to “rebuild trust” in the voluntary carbon markets. These markets serve as a conduit for carbon emitters to buy carbon credits. These credits are generated from initiatives that either remove or curtail greenhouse gas emissions. Opna offers a unique platform that allows corporates to discover such carbon projects, facilitates their financing, and provides a digital portfolio for corporates to oversee these financed climate initiatives.
Opna has clear plans for this newly acquired funding. The primary objectives include amplifying awareness of their platform, broadening the range of carbon projects available, refining their technology, and recruiting new talent.
Opna’s founder, Shilpika Gautam, emphasised the increasing trend of corporates directly financing carbon projects to meet their net zero commitments. However, businesses often find it challenging to mobilise capital due to factors like lacking expertise, steep transaction costs, and outdated infrastructure. The firm noted that currently, only 7% of companies are on track to meet their net zero pledges. Opna aspires to be the bridge connecting corporates to carbon projects, addressing these challenges.
Opna founder Shilpika Gautam remarked, “To achieve their net zero commitments, an increasing number of corporates are seizing control by directly financing the carbon projects underlying the carbon credits.”
Gautam further added, “However, these businesses are having a hard time mobilising their capital due to a lack of in-house expertise, high transaction costs, analogue infrastructure, and time-consuming processes.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global