Stockholm-based Doconomy, a fintech company specializing in tools that help banks address climate change and improve financial health, has raised €34 million in a Series B funding round. This investment marks one of the largest funding rounds in Europe for the sector.
The round was co-led by UBS Next, the venture and innovation arm of UBS, and existing investor CommerzVentures, which focuses on fintech projects with a climate impact. S&P Global joined as a new investor, alongside Motive, PostFinance, and Tenity, who also participated.
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Empowering Sustainable Financial Choices
Doconomy’s platform provides banks with tools to help their customers make environmentally conscious financial decisions. The company’s innovative solutions combine behavioral science with advanced data analytics, further enhanced by the acquisition of Dreams Technology in February 2023.
Michael Baldinger, UBS’s Chief Sustainability Officer, stated, “UBS Next’s investment in Doconomy highlights our commitment to fostering innovation that equips our clients with data and insights to make informed investment decisions for a sustainable future.”
Bridging Financial and Environmental Impact
Doconomy aims to bridge the gap between consumer demand for sustainable options and banks’ efforts to support environmental impact. Research indicates that most consumers prefer eco-friendly choices but feel that banks are not doing enough to assist them. Doconomy’s solutions are designed to address this need.
About Doconomy
Founded in 2018 by Mathias Wikström and Johan Pihl, Doconomy offers a range of products, including:
- Impact Transactions: Calculating the carbon footprint of financial transactions using the Åland Index.
- Impact Finance: A savings solution that links financial goals with sustainable behaviors to encourage mindful consumption.
- Impact Activity: Developed with the UNFCCC, this tool helps individuals understand their overall environmental footprint.
- Impact Education: Providing resources and tools to help individuals adopt sustainable lifestyles.
Utilization of Funds
The new funding will support Doconomy’s expansion in North America and enhance its product offerings. CEO Mathias Wikström stated, “We aim to make sustainability accessible to all, empowering everyone to contribute to tackling the climate crisis. This investment will enable us to align planet, purpose, and profit, helping banks become global change makers.”
With the backing of UBS and S&P Global, the company is well-positioned to drive positive climate impact on a global scale, promoting sustainable financial practices and innovations.
