Doconomy raises €34M in Series B funding to boost climate action and financial wellbeing in banking

Doconomy, a fintech startup that gives banks resources to promote financial health and climate action, has closed a €34 million Series B financing round.

Furthermore, Doconomy gives banks all over the world the tools they need to close the gap between what their clientele say and do—that is, to make more financially sound and environmentally friendly decisions.

Financial wellbeing in banking

In 2018, the business was established in Sweden. Serving more than 100 clients across 35 markets, it has formed important alliances with major institutions like the World Wildlife Fund (WWF), Mastercard, S&P Trucost, and the United Nations Framework Convention on Climate Change (UNFCCC).

According to research, 64% of consumers worldwide think financial institutions have a major role to play in promoting sustainable consumerism and sustainable living, and 63% of consumers are searching for more environmentally friendly options for goods and services in all facets of their lives.

However, 53% of consumers believe banks are not involved in the discussion.

The CEO and co-founder, Mathias Wikström, states that Doconomy strives to contribute to the creation of a sustainable, universally accessible world.

We want to make every transaction count by empowering everyone to play their part in tackling the climate crisis. We know we need to align planet, purpose, and profit to empower banks to be global changemakers. Our unique solution empowers users to be more money and climate-conscious while also boosting banks’ bottom lines by helping them better understand and engage their customers for positive impact.

Mathias Wikström

By enabling banks to better understand and interact with their customers for positive impact, our innovative solution not only helps users become more frugal and environmentally conscious, but it also improves their financial results.

UBS Next, the company’s venture and innovation arm, and current investor CommerzVentures, a trailblazing venture capital firm with a focus on climate fintech, co-led the round. S&P Global became a new investor in the round. Participating were Motive Ventures, PostFinance, and Tenity, three other well-known current investors.

According to UBS’s Chief Sustainability Officer, Michael Baldinger, investing in Doconomy by UBS Next shows their commitment to innovation to provide clients with the information and practical insights they need to make smart investment decisions and change the world.

Paul Morgenthaler, Managing Partner of CommerzVentures then continues that customers of banks are empowered by economy to make the best choices for the environment and their finances.

Their solution couldn’t be timelier, as consumers worldwide are looking for answers on how to build a sustainable future for themselves and their families. We are thrilled to have reinvested in this Series B round, supporting Doconomy’s global expansion.

Paul Morgenthaler

The funding infusion will support Doconomy’s product suite enhancement and North American expansion, encouraging wider tool adoption and engagement.