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Fighting climate change comes in many forms. For some it might be cutting down on meat or flying less, but now people can potentially help fight deforestation with their debit card.
That’s the idea behind TreeCard, a debit card made from wood launching in 2021. The startup has received $1 million in seed funding from Ecosia, the search engine which has planted more than 110 million trees.
In partnership with Mastercard, TreeCard will offer a brand new wooden debit card to minimise plastic consumption, made from sustainably-produced cherry wood from the UK and recycled plastic bottles.
Partnering with Ecosia means that for every £45/$60 spent on the card, the company can plant a tree and care for it for three years through the search engine’s existing network of 38 tree-planting locations worldwide. TreeCard says it will donate 80% of its profits from interchange fees — the main revenue source for challenger banks — to deforestation initiatives and will be free to use.
The company was founded by 23-year-old Jamie Cox, who previously exited an existing fintech venture called Cashew which went through Y Combinator.
Other founders include Peter Francis, who recently raised $250,000 for refugee camps across Lebanon and Iraq, and James Dugan.
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Source:: Businessinsider – Tech