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Patch and Doconomy introduce the tech stack for climate fintech

Source: Patch

Patch, the leading API-first carbon removal marketplace, has partnered with climate impact technology firm Doconomy to introduce a first-of-its-kind tech stack for climate fintech.

This partnership will provide financial services with the necessary tools to assess their carbon impact and neutralize emissions, marking a new milestone in the global shift to green banking.

Independently, Patch and Doconomy have each served as key partners for climate action within the fintech sector:
● Patch enables fintech platforms and developers to programmatically purchase carbon removal and offsets from a network of nature-based and frontier negative emission technology projects
● Doconomy offers impact calculations on products and individual lifestyle as well as providing banks, fintech companies and financial institutions tools to calculate the climate impact of their digital financial transactions, all in an effort to educate consumers of their environmental impact

Now, Doconomy will embed Patch’s API into its platform, enabling banks and financial institutions to not only gather transaction impact insights, but take climate action via the purchase of high quality carbon removal. Doconomy currently processes ~90 million transaction impact calculations each month in 20 global markets, and is poised to unleash the green consumer worldwide together with Patch.

“Many financial services providers are eager to lead consumers in climate action, but you can’t neutralize what you haven’t measured.” said Patch Co-founder & CEO Brennan Spellacy. “Through this partnership, users will be empowered to both understand the impact of their purchases and spending and turn those insights into climate action by seamlessly purchasing carbon removal or offsets.”

“The Patch partnership will allow us to broaden our offset offering and enable our customers to support carbon removal in new tech- and nature-based solutions that are rooted in the most recent research.” said Doconomy CEO Mathias Wikström. “As the offset market continues to expand, it is of utmost importance that the increased demand is steered towards projects of high quality with real, verifiable impact that lasts over time.”

This partnership also sets the stage for the first-ever Climate Fintech Cards & Payments Challenge, which enables startups to showcase digital financial climate solutions for a shot at a $100,000 prize and the chance to work with established financial stakeholders on proof-of-concept projects. The Challenge, which will host its closing Demo Day on Nov. 17, is supported by New Energy Nexus, Patch, Doconomy, Mastercard and Rise by Barclays.

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