Tred - mobile banking to save the planet
by Startacus Admin
The lowdown on Tred, the innovative fintech that's launched the UK's first green debit card that helps you fight climate change every time you spend.
We have written in the past about challenger banks taking on the big, traditional banks and their...unfortunate practices. This is banking that tries to be more consumer-friendly, more ethical, and generally better. Today’s startup has been called (perhaps a little too often) the ‘green Monzo’, for obvious reasons.
UK-based fintech startup Tred is following in the footsteps of the likes of Starling and the aforementioned Monzo with its mobile banking and tracking app, and green debit card. Where Tred differs from other challenger banks is that it has a specific goal in mind, beyond allowing users to buy stuff and see their money: that is, it wants to save the planet, one tree at a time. Tred uses the profits it generates to plant trees, offsetting your carbon footprint and fighting climate change.
The accompanying app allows you to link and track all of your cards, even if you don’t use the Tred debit card, and not only keep an eye on your spending, but also to see how much carbon offset every transaction you make has resulted in. So even if you don’t want or need to use Tred’s banking, you can still use the app to track CO2 emissions every time you buy a coffee or fill up your car and by how much you are offsetting them, if your current bank chooses to do something about it, like their own tree-planting programme.
Of course, as expected from mobile banking, Tred also offers plenty of features to look after your money and spending, like clear overviews and details, card controls, notifications, and more.
In April, Tred went live on Crowdcube to raise funding, and hit their £400,000 goal after only 90 minutes. They continued to raise, finishing with £1,000,004, 250% of their original target! This adds to initial investment provided by angel investors including Will Todd, the co-founder of Nutmeg, and Chris Mairs CBE.
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Published on: 12th May 2021
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