Climate fintech ecolytiq enters North America with Vancity deal
Berlin-based climate fintech ecolytiq jumps across the Atlantic when it launches its “Carbon Counter” online banking application with Vancouver-based cooperative credit union Vancity. This will be the first product of its kind in Canada.
Alongside the product launch, ecolytiq will open an office in Toronto to better scale climate action through financial institutions. This marks a major milestone for the Visa Fintech Partner Connect Program member, who played an integral role in the launch of Visa’s Eco Benefits Bundle last year.
Starting in the new year, all Vancity Visa credit cardholders will be able to track the estimated carbon emissions from their credit card purchases. Members will be able to see how their monthly figures compare to the national average, or which credit card purchases have the highest environmental cost. Carbon Counter will help Vancity cardholders understand the carbon footprint of their purchases, as well as advise on what they can do to reduce their carbon footprint.
“We’re breaking new ground here,” said Ulrich Pietsch, ecolytiq co-founder and CEO. “We developed a White Label solution to offer financial institutions around the world an agile and efficient way to provide their clients with tools to create a better tomorrow. With the launch of Carbon Counter, Vancity solidifies its role as a leading sustainability innovator both in Canada and in the global banking world.”
Vancity is partnering with Visa and ecolytiq, one of Europe’s leading technology companies for climate engagement, to offer the first Visa Carbon Counter in Canada. Blending climate awareness, education and behavioral nudging, the ecolytiq Sustainability-as-a-Service® solution combines the most effective areas of climate action to ensure financial institutions have the digital tools to combat the climate crisis.
“Innovative technology companies are essential to helping the world reach net-zero goals and reduce climate impacts,” said Darryl Gant, vice president of IT solutions at Vancity. “We have teamed up with ecolytiq to bring the first carbon counter to Canada because they share our values on climate and our desire to be a financial force for change.”
Vancity is a value-driven member-owned cooperative where many of the members choose to bank because of the credit union’s record and ongoing environmental work. Consumer research* by Visa indicates that 70 percent of Canadian consumers say sustainability is very important to them and, importantly, more than half want to better understand their carbon footprint. The Vancity Carbon Counter will allow them to do so.
“We are proud to support the launch of Vancity’s CO2 calculator, the first on a Visa card in Canada. This is a great example of how we can empower consumers to understand their environmental impact and respect Visa’s commitment to a sustainable future,” said Stacey Madge, Country Manager and President, Visa Canada.
Vancity not only wants to help members understand the impact of their spending on the environment, but also provide insight into lower emissions options. As well as providing a snapshot of the ‘count’, Carbon Counter provides insight into how to reduce your carbon ‘consumption’ and tips for more sustainable choices.
* Research conducted by Visa Inc. among 501 Canadians aged 18 and over, between August and September 2021.
