Sustainability-as-a-Service® solution provider ecolytiq has successfully closed their investment round, raising EUR 13,5 million from Visa, the auditing and consulting firm PwC Germany through a fund managed by Segenia Capital, VCM Global Asset Management and btov that will be used to further develop the product and expand the markets they operate in.
Founded in 2020, ecolytiq works in partnership with Visa to offer banks and financial institutions the technology to educate and support consumers to manage their environmental impact. The solution leverages payment data in order to provide customers with data-driven CO2 analysis, context, engagement, offsetting, and sustainable investment advice.
In 2021, ecolytiq partnered with Visa on the launch of the Visa Eco Benefits bundle. The embedded carbon footprint tracker allows Visa issuers to add sustainability-focused benefits to existing Visa cardholders, enabling them to understand the impact their spending behaviour is having on the environment, as well as encourage and incentivise sustainable consumption behaviour.
Charlotte Hogg, CEO Visa Europe said: “A significant shift is needed towards more sustainable behaviours to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices. ecolytiq enables banks and their customers to raise awareness of the positive impact they can make. The company has gone from strength to strength in the past two years and we’re proud to support the next stage of their growth.”
Clients worldwide trust the ecolytiq technology to encourage their retail banking customers to take effective climate action, helping them shape the kind of future they want. Early adopters include Rabobank, Tatra Bank, Tomorrow Bank, Novus, as well as partners such as Worldline and Tink.
“We founded ecolytiq with the mission to not only educate consumers all over the world about their individual impact on the environment, but at the same time empower them to take action,” says ecolytiq co-founder David Lais. He adds: “We are elated to have found investors that not only support and believe in our vision, but also personally share those same values and beliefs in finance for a better future.”
The funds will be used to further expand the ecolytiq Sustainability-as-a-Service® solution, which is currently available in Europe, Canada, and the US, serving ecolytiq’s core mission to help banks all over the globe to empower their customers with much-needed transparency on individual environmental impact, while enabling new business models for the financial sector in alignment with the UN Sustainable Development Goals.
PwC Germany considers climate change one of the biggest challenges of today. The member firms of the global PwC network have made a worldwide science-based commitment to achieve net zero greenhouse gas (GHG) emissions by 2030. The commitment includes supporting clients to reduce their emissions as well as reducing those from own operations and suppliers.
Clemens Koch, Leader of Financial Services at PwC Germany said: “PwC Germany supports initiatives that enable financial institutions and banks to leverage the enormous potential of sustainable transformation. The investment in ecolytiq is in line with our commitment to deliver sustained outcomes for financial organizations, their customers, stakeholders and communities to make a positive and enduring impact.”