ecolytiq, 13.5 mil. euros for more sustainable consumer behavior

ecolytiq, a Berlin-based sustainability-as-a-service platform, raised 13.5 million euros in order to provide banks and financial institutions the technology needed to educate and support consumers when it comes to their environmental impact.

According to Tech.eu, the funding round saw participation from Visa and PwC Germany, among others.

Since the platform is currently available only in Europe, the company plans to use the new investment to expand its service in the US and Canada, as well.

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ecolytiq was founded in 2020 and is a service backed by Visa to offer a solution that analyzes payment data to provide customers with CO2 emission analysis, offsetting and sustainable investment advice.

The startup released a new feature in 2021 called Visa Eco Benefits, which allows Visa issuers to add sustainability-focused benefits to people who own Visa cards, which allows these cardholders to see their environmental impact from their transactions, but also to encourage them to adopt more sustainable behaviors.

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Among the early adopters of the service are Rabobank, Tatra Bank and Tomorrow Bank.

David Lais, co-founder of ecolytiq, said that "we aim to not only educate consumers all over the world about their individual impact on the environment, but at the same time empower them to take action."

Charlotte Hogg, CEO of Visa Europe, said that "a significant shift is needed towards more sustainable behaviors to meet the global net-zero goals by 2050. A key element to this change starts with providing an individual understanding of the environmental impact of their choices. ecolytiq enables banks and their customers to raise awareness of the positive impact they can make."

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