UK FinTech Tred has teamed with B2B payments firm Nium to be the card-issuer for its new sustainable green debit card.
Founded in 2019, Tred is a pre-commercial mobile banking platform that uses its customers’ spending to track, reduce and offset their environmental impact.
According to Tred, this will be the UK’s first green debit card that allows users to track, reduce and offset their carbon footprint as they spend, as well as planting trees with profits.
The partnership will enable Nium to provide Tred with a UK-issued consumer bank identification number with a GBP settlement as well as looking after the processing and e-wallet services. Tred card users will be able to use Nium’s solutions to make secure in-store or online payments.
Tred card users will also have to opt-in to receive the physical card made out of recycled plastic, with all users receiving a virtual card – for e-wallet payments – by default. The cards are expected to be launched later this year.
The card-issuance service offered by Nium will aim to target UK-based customers, with Tred aiming to add reward programs and benefits centred around socially and ecologically conscious causes.
In addition to the partnership, Nium has committed to donating a percentage of the interchange fee to Tred’s tree planting program.
Tred claims its waiting list for the sustainable cards have seen 122% growth since the start of the year, with the company recently raising £1m from over 1000 investors from a recent crowdfunding round.
Tred co-founder Will Smith said, “We’re really excited about the launch of our green debit cards, powered by Nium. This was the natural next step in our journey, following the success of our crowdfunding campaign last month, which hit its target from pre-registered supporters in just 90 minutes. We’re looking forward to getting Tred cards in users’ hands later this year.”
Nium CRO Frederick Crosby added, “At our core, Nium’s mission is to enable businesses to meet their needs and goals through employing financial technology. We are so happy and proud to join Tred on a mission to help people spend and live more sustainably through offsetting their carbon footprint with virtual financial services. This partnership will bolster Tred’s vision to be the platform that brings managing money and lowering our impact on the planet, effortlessly in one place.”
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