Climate-focused fintech firm Doconomy announced today that it has acquired financial wellness startup Dreams Technology, in a move designed to expand its suite of environmental impact measurement tools.
Doconomy said the deal was the first of its kind to “bridge the unique intersection of behavioral economics and climate impact,” allowing it to integrate Dreams Technology’s tools to increase bank customers’ digital engagement and financial well-being with its suite of tools to measure banks. environmental impacts to enable “climate-smart savings, debt management and investments”.
The expanded product portfolio will be offered to both new customers and existing partners, such as Mastercard, BNP Paribas, Klarna, Nordea and Standard Chartered.
Mathias Wikström, CEO and co-founder of Doconomy, described the pair as a “perfect match”. “The acquisition will allow us to incorporate the unique methodology Dreams Technology has built over the years alongside their suite of proven products,” he said. “This will expand our offering, merging our team of climate impact experts with the behavioral economics talent of Dreams Technology, to achieve urgent and measurable results.
“We are confident that our combined strengths will accelerate climate knowledge while providing a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”
The deal will also see Dreams’ CEO and co-founder, Henrik Rosvall, join Doconomy’s management team.
He said teaming up with Doconomy presented an opportunity to promote financial wellbeing and climate action at scale by delivering a “holistic offering” for bank customers looking to reduce their environmental impact.
“At Dreams Technology, our solutions operationalize over 100 behavioral science insights and are designed to drive sustainable behavior change in banking customers by closing the gap between intention and action, creating positive and impactful financial behavior and making money more emotional, accessible and effective for everyone,” said he.
“It’s a match made in heaven using innovation and behavioral expertise to empower banks on their journey from transaction engines to global change agents.”
The news of the agreement involving two Swedish fintechs comes amid soaring demand from financial institutions for climate solutions and carbon monitoring tools. A recent report on climate fintech funding from CommerzVentures flagged that Swedish startups were punching above their weight relative to the country’s economic size, attracting a record $59 million last year – with Doconomy raising a reported $19 million.
