Tred, a UK startup building a carbon tracking debit card and app, has bust through its initial £600,000 crowdfunding target within ten minutes of going live on Crowdcube.
This latest round follows a successful initial crowdfunding campaign in 2021 that far exceeded its £400,000 target, securing over £1m from more than 1,000 investors during the course of the campaign.
Tred is offering a green debit card made from recycled plastic that calculates the carbon costs of a user's spending. At the end of each month, Tred users will be encouraged to pay a personalised subscription to offset any carbon their spending has emitted via a certified-tree planting scheme in Scotland.
Each transaction on the card is tracked for its carbon footprint, which is shown, in real time, on the Tred app, along with personalised tips on alternatives and how to reduce the impact of that spending in future. The same display can also be activated for spending on credit and debit cards issues by banking providers.
The current investment drive comes as a beta verion of the product goes live on the App Store, opening up access to a 30,000-strong waiting list. Shareholders in the new campaign join high-profile investors, including the co-founder of Nutmeg and angel investors from Bridgepoint Capital.
Will Smith, co-founder of Tred, says: “Our mission here at Tred is to become the go-to green fintech offering. Managing your finances as well as considering your carbon emissions may seem overwhelming but it doesn’t have to be. Our platform lets people effortlessly manage their money, and its impact, all in one place.
“We are thrilled with the success of the latest crowdfunding stage and the amount of investors believing in our shared vision."