Doconomy raised $17 million in a funding round led by CommerzVentures from Germany.

Doconomy, a Stockholm, Sweden-based company providing a mobile banking service correlated to people's environment behavior, announced the completion of a $17 million funding round.

The money was raised from investors led by Germany's CommerzVentures, joined by existing shareholders Mastercard, Wiklöf Holding and Ålandsbanken.

Proceeds will be used for expansion and further portfolio development, enabling impact calculations on transactions, lifestyle, products and companies of all shapes and sizes. The funding will also be used to recruit new hires to join Doconomy’s growing team.

Doconomy, founded in 2018 by Nathalie Green, Johan Pihl, Jacob Odquist and Fredrik Lagerträd, developed a financial service via which it offers cardholders carbon footprint tracking based on purchases made through the Bank of Åland’s cloud-based Åland Index. The Åland Index links each transaction to its impact on the environment and for this service, Doconomy has been named a partner to the United Nations Framework Convention on Climate Change (UNFCCC). The company says it currently processes close to 90 million transaction impact calculations per month in 20 markets, for clients including Klarna, with close to 20 million users in their app, and Nordea with over 2 million users in their digital wallet.

Doconomy previously raised money from Mastercard in 2019 and a total of roughly $7 million prior to this round.