Billed as the largest climate fintech investment round in Europe, this brings the total invested in Doconomy since the start of 2018 to $24 million. Alongside CommerzVentures, existing investors Mastercard, Wiklöf Holding and Ålandsbanken also increased their holdings in the current round.

Doconomy currently processes close to 90 million transaction impact calculations per month in 20 markets, for clients including Klarna, with close to 20 million users in its app, and Nordea with over two million users of its digital wallet. The firm also scored a major contract with Standard Chartered in June and provides the technology behind a carbon calculator for bank apps developed by Mastercard.

The Doconomy application uses the Åland Index introduced in 2016 to provide financial institutions with carbon footprint calculations for every transaction, which recently added freshwater calculations to its impact presentation.

For any card transactions, the index can calculate the carbon and water footprints of purchases in kilograms of carbon dioxide equivalents and water used per litre respectively.

The firm says it will use the new financing to recruit more staff to make its services available in 10 more markets in 2021 and to expand into lifestyle, product and corporate impact calculations

Paul Morgenthaler, partner of CommerzVentures, says: "At CommerzVentures we are intrigued by the potential of FinTech to foster climate action. Doconomy stands out as the global leader and standard for measuring transaction impacts. We couldn’t be more excited about joining forces, helping banks and payment companies educate and empower their customers for climate action."