Doconomy, an impact fintech company based in Stockholm, has closed a €34 million Series B funding round to accelerate its sustainability capabilities in financial services. The round was co-led by UBS Next and CommerzVentures, with new investor S&P Global joining. Existing investors Motive Ventures, PostFinance, and Tenity also participated. Doconomy provides banks with innovative tools to promote climate action and financial wellbeing, leveraging behavioral science and impact data analytics. The funding will be used to expand Doconomy’s operations in North America and enhance its product suite to drive greater engagement and adoption.
Doconomy empowers banks worldwide to help close the gap between ‘say’ and ‘do’ amongst their client bases, by providing tools which encourage climate-friendly choices whilst supporting financial wellbeing.
Grounded in robust behavioral science and enhanced by superior impact data analytics, this powerful, first-of-its-kind solution was borne out of Doconomy’s strategic acquisition of Dreams Technology in February 2023.
Doconomy’s unique offering meets rising expectations for banks to play a greater role in helping their customers manage their environmental footprint practically. Research* shows that 63% of consumers globally are looking for more sustainable options for products and services across all aspects of their life, and 64% believe that financial institutions have a key role to play around sustainable living and consumerism. Yet, half (53%) of consumers see banks as being absent from the debate.
The capital injection will fuel Doconomy’s expansion in North America, as well as supporting the enhancement of its product suite, to drive broader engagement and adoption of its tools.
Mathias Wikström, CEO and Co-Founder, says, “Doconomy works to help build a world where sustainability is the norm – and accessible to all. We want to make every transaction count by empowering everyone to play their part in tackling the climate crisis. To empower banks to be global change makers we know we need to align planet, purpose and profit. 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. We could not achieve our goal for a more sustainable future without the invaluable support of our partners, and we are thrilled to welcome UBS and S&P Global on board with this mission. Together, we can drive positive climate impact on a truly global scale.”
Michael Baldinger, Chief Sustainability Officer of UBS, says, “UBS Next’s investment in Doconomy underscores our focus on fostering innovation to provide the data and actionable insights our clients need to make informed choices about their investments and effect the change they want to see.”
Paul Morgenthaler, Managing Partner of CommerzVentures, adds, “Doconomy empowers banks’ customers to make the best decisions, both for their finances and for the planet. Their solution couldn’t be timelier, as consumers around the world are looking for answers on how to build a sustainable future for themselves and their families. We are thrilled to have invested again in this Series B round, supporting Doconomy’s expansion across the globe.”
Chris Heusler, President of S&P Global Sustainable1 says, “To enable change it is essential to have transparency on the impact of consumer behavior and actionable insights that help market participants make informed choices. Doconomy empowers banks and their clients in their sustainability journey and we are excited to be part of this investment round to ensure Doconomy can continue to innovate.”
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