Doconomy announced it raised €34m from some of the top banks in Europe, including UBS Group (UBS) and CommerzVentures.
Doconomy Raises €34m From Top European Banks
This Swedish green fintech, established in 2018, measures the carbon impact of regular spending activities. Based on CNBC data, S&P Global Inc. (SPGI) joined as an investor. Doconomy is also pillared by existing stakeholders such as Motive Ventures, PostFinance, and Tenity.
Its collaborations include Mastercard, S&P Global, and the United Nations Framework Convention on Climate Change. Doconomy will reportedly use the newly raised funds to expand into North America and introduce new products. In a CNBC interview, the company’s CEO and co-founder, Mathias Wikstrom, commented:
Going forward, we want to enable every bank in every corner of the world to engage their clients in the ESG [environmental, social, and governance] work of the bank.
In February 2023, Doconomy acquired Dreams Technology, which employs behavioural science to enhance financial welfare. According to Wikstrom, its Series B fundraising round did not alter Doconomy’s market value.
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Recently, the company received harsh online criticism from Jordan Peterson, a Canadian psychologist and self-proclaimed online educator. He turned to social media platform X and stated that Doconomy is the “soft positive planet-saving voice of the worst imaginable corporate/fascist/green tyranny”.
Wikstrom responded to this remark and indicated it only highlights that Doconomy needs to educate “a lot of people”. He also said that few can dispute the severity of climate events around the world. Climate-driven fintechs are a relatively new discipline catching the eye of investors.
