Leeds-based Tred Closes Down After Four Years, Citing Financial Strain from APP Fraud Regulations
Highlights:
- Tred’s Mission: Launched four years ago, Tred aimed to help users track and reduce their carbon footprint through a carbon-tracking debit card and app.
- Financial Strain: New Authorised Push Payment (APP) fraud rules, mandating reimbursement up to £85,000, have significantly impacted Tred’s operations.
- Recent Investment: Despite recent investment from Ecotricity, Tred’s co-founder Will Smith cited the new regulations as the primary reason for winding down.
Summary:
UK green fintech startup Tred, known for its carbon-tracking debit card and app, is shutting down after four years due to the financial strain caused by new Authorised Push Payment (APP) fraud reimbursement rules.
Despite recent investments, the company’s co-founder Will Smith stated that the new regulations made it unsustainable for Tred to continue operations.
