- TreeCard, a London, UK-based wooden Mastercard™ payment card that plants trees with everyday spending, raised a $5.12m in seed funding
- The round was led by EQT Ventures, with participation from Seedcamp and Episode 1 and angels including Matt Robinson and Charlie Delingpole
- The company also intends to use the funds to hire fintech talent, support product roll-out across the UK, and expand into the US and key European markets
- The company makes money from the interchange charge, which gives a huge percentage of profits back to consumers in cashback rewards
- Instead of funnelling money back to the customer, TreeCard invests 80% of profits into sustainable causes, including reforestation in partnership with Ecosia
- The company is developing the wooden Mastercard™ for release in mid-2021, which links to pre-existing current accounts
