UK-based green FinTech Tred has selected global B2B payments company – Nium – to be its card-issuance partner for its new sustainable product – the Tred green debit card. This will be the UK’s first green debit card that lets users track, reduce and offset their carbon footprint as they spend, and plants trees with profits.
Demand for green fintech solutions is booming and the financial sector is also embracing this trend, showing strong industry-wide support for ethical and sustainable financial services. Testimony to this demand is Tred’s waiting list, which has seen 122% growth since the start of 2021, and their recent crowdfunding round, which raised £1million from over 1000 investors.
The card-issuance service provided by Nium will target UK residing customers and Tred will look to add reward programmes and benefits centred around the socially and ecologically conscious ethos as the programme progresses.
“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”, says Frederick Crosby, Nium Chief Revenue Officer.
Through this partnership, Nium will not only provide Tred with a UK-issued consumer BIN (bank identification number) with GBP settlement, but will also be looking after the processing and e-wallet services. Tred Card users will be able to utilise Nium’s solutions to make payments securely either in-store or online.
Tred’s Nium-powered green debit card:
- Will help Tred plant trees with every spend: Tred profits will fund reforestation projects
- Will track users’ carbon emissions
- Will be supported by frictionless in-app card management (card freezing, top-ups, etc.)
In order to help reduce their impact, users will 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.
“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,” – Will Smith, Tred Co-Founder.
“These debit cards work seamlessly alongside the Tred app and help us achieve exactly what we set our minds to: to help people manage their money in a way that’s good for them and the planet. Every time our customers use Tred cards, they’ll help us plant trees and will contribute to a better future for our planet,”– Peter Kirby, Tred Co-Founder.
In an effort to show support and stand behind this great cause for positive change, Nium has committed to donating a percentage of the interchange fee to Tred’s tree planting programme.