Fintechs can now provide their customers with the ability to both understand the climate impact of their purchases as well as get rewards that reduce their carbon footprint.
London, May 23, 2023 — Connect Earth, a London-based environmental data company, and Dyme, an Austin-based climate tech, announced a partnership to offer a sustainable rewards programme to financial institutions and fintechs. The partnership will enable financial institutions to offer their customers transparent insights into the climate impact of their daily spending and a rewards program to further incentivise and simplify carbon reduction.
“Connect Earth empowers financial institutions to provide their customers with carbon emissions data and insights into their spending. Partnering with Dyme creates an opportunity to go from raising awareness and educating consumers about their climate impact to incentivising them to further reduce their carbon footprint through a rewards program,” said Alex Lempka, Co-Founder and CEO of Connect Earth.
“Today’s consumers are actively seeking climate-conscious financial products that help them understand their carbon footprint and reduce it. In response, fintechs are developing innovative solutions that integrate climate outcomes into their core offerings. By using our Climate Rewards API, Connect Earth can offer a comprehensive climate solution for fintechs that provides a seamless experience for their users to make a tangible impact on the environment,” explains Sunil Chandra, Founder and CEO of Dyme.
The partnership is timely – according to global management consulting firm McKinsey, 40% of US consumers are interested in enrolling in climate-linked financial products and this shows across many income levels, community types, or household savings levels. Their survey also considers that 64% of consumers would rely on their banks to act as trusted advisors to green initiatives, but none of them are perceived as climate experts as of now – thus becoming not a challenge, but a business opportunity for financial institutions willing to pioneer on the field and stand out on their sustainable credentials.
Through this joint solution, Dyme and Connect Earth are tackling two important climate challenges: acknowledgement and action. Firstly, Connect Earth provides fintechs with an easy-to-integrate API that measures and reports carbon footprint based on spending transactions of individual and SME customers. Then, Dyme offers a climate rewards program: every spending generates Dyme Dividends, similar to rewards points often associated with those cards. The difference is that, for every 100 Dyme Dividends the program generates, Dyme commits to reducing 21.5 lb of CO2 by funding solar and forestation projects in schools and communities in the US.
“We are excited to partner with Dyme to deliver a full climate suite to fintechs,” said Alex Lempka. “Together, we create a synergy that can help financial institutions meet the growing demand for sustainable financial products and enable consumers to make more environmentally-conscious choices on a daily basis.”
“We are thrilled to partner with Connect Earth to help fintechs make a real difference in the fight against climate change,” said Sunil Chandra. “Together, we can help consumers reduce their carbon footprint and live more sustainable lifestyles.”
About Connect Earth
Founded in 2021, Connect Earth is a London-based environmental data company that democratises easy access to sustainability data. With its carbon tracking API technology, Connect Earth is on a mission to empower consumers and SMEs to make sustainable choices and bridge the gap between intent, knowledge and action. Connect Earth supports financial institutions in offering their customers transparent insight into the climate impact of their spending.
Dyme is a Texas-based climate tech that helps individuals and companies reduce their carbon footprint and live a more sustainable lifestyle by turning their spending on cards, online shopping, and gifting into forestation and renewable energy for local communities and schools. Dyme is a member of the 1% for the Planet organization.