Swedish climate tech startup Doconomy acquires fintech platform Dreams

Swedish climate tech startup Doconomy has acquired Dreams Technology, an award-winning financial well-being platform, to incorporate Dreams’s proprietary tech into its arsenal.

Founded in 2018, Doconomy aims to help individuals and corporates track their carbon footprints. The startup has developed four tech products to tackle climate issues with a structural approach.

Its Transaction Impact Calculator helps clients measure the freshwater and carbon footprints of financial transactions. The tech uses the Åland Index — an innovative impact index developed by Finnish commercial bank Ålandsbanken — to track environmental footprints, allowing customers to make better environmental decisions.

Different areas of use

Partnering with the United Nations Framework Convention on Climate Change (UNFCCC), Doconomy created the Lifestyle Impact Calculator for individual users to track the impact of their daily activities to allow them to make more sustainable choices.

Meanwhile, the startup’s Corporate Impact Dashboard is used by companies to track the environmental impact of their financial activities. The Åland Index incorporated into this tech enables companies to calculate carbon emissions, screen supply chains, and develop action plans to transition to net zero.

Doconomy has also developed a Product Impact Calculator to help brands calculate the environmental impact of their products. Corporations can provide carbon labels on their products, allowing consumers to make informed decisions in their daily consumption.

“A perfect match”

The acquisition of Dreams is hoped to diversify Doconomy’s product portfolio. Dreams employs a psychological and neuroscience-based approach to help users develop sustainable behavioral change that can improve their financial well-being. Doconomy cofounder and CEO Mathias Wikström explained that Dreams’s tech is the “perfect match” to Doconomy’s tools.

“This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results,” Wikström said.

“We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”

Per the acquisition contract, Doconomy will incorporate Dreams’ proprietary platform into its tools. Adding Dreams’ tech will allow Doconomy to offer its existing partners — especially banks and other financial institutions — a more comprehensive range of functions, including debt management and climate-smart savings.