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UBS invests in climate fintech Doconomy

UBS invests in climate fintech Doconomy

Climate fintech Doconomy has raised EUR34 million in a Series B funding round co-led by CommerzVentures and the venture arm of UBS.

S&P Global, Motive, PostFinance and Tenity joined the round for Sweden-based Doconomy, which has previously been backed by Citi and Mastercard.

The climate firm provides financial services players with tools to help their customers measure the carbon footprint of their everyday spending.

Its cloud-based AIand Index, which converts every transaction into its corresponding CO2 footprint, is used by more than 100 firms in more than 40 countries.

The new funding will be used to boost the Doconomy product suite and expand in North America.

Mathias Wikström, CEO, Doconomy, say: "Our unique solution empowers users to be more money and climate conscious, while also boosting banks’ bottom line by helping them better understand and engage their customers for positive impact."

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