Climate tech startup Doconomy buys fellow Swedish fintech Dreams Technology
Doconomy – the leading climate technology startup that helps banks, brands and consumers better understand and reduce their environmental impact – has acquired Stockholm-based financial wellness fintech Dreams Technology. This marks the first agreement of its kind to bridge the unique intersection between behavioral economics and climate impact.
Under the acquisition, Doconomy will incorporate Dreams Technology’s proprietary platform – which leverages behavioral science to deliver radical new ways to increase bank customers’ digital engagement and financial well-being – into its suite of leading environmental impact measurement tools. This will enable Doconomy to offer its existing banks and financial institution partners an expanded behavioral science-driven product portfolio that will include modules for climate-smart savings, debt management and investments.
Through the unique combination of Doconomy’s expertise in quantifying environmental footprints and Dreams Technology’s proven track record of increasing digital engagement and effectively driving behavioral change, the joint product offering will be the first to deliver a best-in-class digital experience that promotes financial well-being, encourages to sustainable consumption choices and implements climate measures on a large scale.
In turn, the acquisition will further help establish financial institutions globally as agents of change to tackle the combined climate and cost-of-living crises, while enabling the banks to handle regulatory sustainability reporting and strengthen customer and consumer engagement and retention.
Mathias Wikström, CEO and co-founder of Doconomy, comments: “Doconomy and Dreams Technology are a perfect match! Both companies are built to motivate and shape behavior in an innovative way that is the key to sustainable and lasting change. The acquisition will allow us to incorporate the unique methodology Dreams Technology has built up over the years alongside their suite of proven products. 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 giving a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”
Demand from financial institutions for climate solutions and carbon monitoring tools has skyrocketed in recent years as global anxiety about climate change grows. An estimated 72% of global emissions are attributable to household consumption, but similarly, a staggering 73% of global consumers say they would change their purchasing behavior to reduce their impact on the environment, underscoring the unique opportunity for banks to cater to this preference. and meet the needs of climate-conscious individuals.
Henrik Rosvall, CEO and co-founder of Dreams Technology, who joins Doconomy’s management team, adds: “By teaming up with Doconomy, we see a significant opportunity to promote economic well-being and climate action on a large scale with the first comprehensive offer in the market. At Dreams Technology, our solutions operationalize over 100 behavioral science insights and are designed to drive sustainable behavioral 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. . It is a match made in heaven, using innovation and behavioral expertise to empower banks on their journey from transaction engines to global change agents.”
Doconomy was named one of Wired’s hottest Nordic startups in 2022, and offers leading impact data services for individuals and companies to measure and educate about the environmental impact related to consumption and lifestyle choices. Since the official launch of the world’s first transaction-based carbon footprint calculator in 2017, Doconomy has maintained impressive year-on-year growth thanks to relentless innovation, having continuously expanded its product ecosystem, releasing a diverse set of tools and impact methodologies aimed courage to engage users in everyday climate actions. Doconomy’s core solution has been developed using their environmental impact index (Åland Index) which enables CO2 and H2O calculations for all digital financial transactions. Today, Doconomy’s ecosystem sets a globally standardized language around how impact is measured, and the company’s technology is currently used by Mastercard and distributed in 30 countries by some of the world’s leading banks and brands, including BNP Paribas, Klarna, Nordea and Standard Chartered, with over 850 million potential end users.
