New UK green neobank Tred exceeds crowdfund target

UK-based green neobank Tred has reached the £600,000 target for its crowdfunding campaign, with 28 days still left on the sale.

At the time of writing, the company has raised £690,712, with contributions coming from 851 investors.

Shares were priced at £13.51 apiece and a total of 3.69& of its equity has been offered in the sale, so far. Tred’s pre-money valuation is £18m.

The FinTech company hopes to become the UK’s leading green neobank. In its Crowdcube campaign, it says over half of people would switch to a greener bank, but greenwashing scandals cast doubt over financial institutions and if they are really helping the plant.

This is what led to the creation of Tred. The aim is for type of neobank that is built on sustainable values and helps users do this as well. Its first product is a green debit card that lets users track, reduce and offset their carbon footprint and plant trees as they spend.

Over the past year, the company has onboarded over 1,000 beta consumers, reach a 30,000 waitlist, integrate 70 brand partners and commit to plant 18,000 trees.

Its existing investors include one of Nutmeg’s co-founder, a past board observer of FreeTrade, angels from Bridgepoint Capital and more.

ESG has been a major discussion point this year, with financial institutions making a big move in the space. A recent study from Tisatech and The Disruption House found that 77% of financial services plan to hire an ESG specialist to prepare for new sustainable investment requirements.

The ESG FinTech sector is also taking off. In the first quarter of the year, two investments have exceeded $100m, according to data from FinTech Global

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