Doconomy secured strategic equity investment made by Mastercard.
The funding is part of a larger arrangement in a joint effort to combat climate change, as it brings the ability for any Mastercard issuer to offer their cardholder the ability to track and understand their carbon footprint based on purchases made.
In conjunction with the announcement, The First Bank in the U.S. and Nordea in the Nordics announced they will join The Bank of Åland in enabling clients to track and measure their CO2 impact through the Åland Index. Bank of Åland is a shareholder at Doconomy.
Doconomy will use the money to further scale the expansion of the carbon tracking and offsetting platform to additional markets.
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).