Working in tandem with Amazon Web Services and Mastercard, Finnish fintech Enfuce has launched My Carbon Action, a digital tool that allows businesses to track and calculate the carbon dioxide equivalent (CO2e) emissions of every purchase and provide insights into their climate change impact.
Set to launch in spring 2020, the Nordic fintech startup’s new service is based on a validated calculation method called Life Cycle Assessment (LCA), which Enfuce have developed with Finnish consultancy D-mat.
Enfuce's digital product was also created in Mastercard's Lighthouse Development Programme in 2018 and leverages Amazon Web Services's cloud computing to bring the product to market.
My Carbon Action considers the environmental impact of a product, analysing the journey from raw material extraction, manufacturing and transport to use and disposal. After analysis banks, retailers and merchants will receive purchase-based feedback and personalised lifestyle tips to a device of their choosing.
The system also allows customers to use their Alexa voice technologies to ask about their carbon footprint.
Head of AWS Nordics Guido Bartels references Amazon’s Climate Pledge to be 100% powered by renewable energy by 2030 and zero carbon by 2040 and says: “The new My Carbon Action application is a great example of how cloud technology can be used to deliver consumers a service that can make a difference to our planet.”
Mats Taraldsson, head of digital business development and fintech engagement at Mastercard, adds: "Through the programme we have worked closely with Enfuce on the architecture of its CO2 footprint tracking tool, which is based on consumers and corporates transactions.
"Understanding the sustainability of what we buy is becoming increasingly important to consumers, and at Mastercard we are looking support innovation which makes it easier for people to understand their own personal environmental footprint."
Enfuce co-founder Monika Liikamaa concludes: “Our goal is to help consumers become more carbon conscious, which is why we wanted to create a product that gives individuals accurate feedback based on their actual purchase history and lifestyle.
“Only by bringing individualised and systematic insights can we help consumers make sustainable choices a habit.
“My Carbon Action allows us to unite consumers with banks, financial service partners, merchants, retailers and other businesses in the fight against climate change.
“With the help of industry giants like AWS and Mastercard, we can make a significant impact by bringing our solution to the world.”
Dubbed Finland’s biggest fintech startup, Enfuce also secured €10M in funding today, led by early-stage VC firm Maki.vc with venture debt from Nordea, LähiTapiola, and Finnvera.