Doconomy: Using personal finance to tackle climate change
Nathalie Green, the CEO of Doconomy, spoke with Efma’s Boris Plantier about her company’s origins and their plans to reshape the way consumers think about their daily spending.
What led to the creation of Doconomy?
Doconomy was founded in the fall of 2018 by a group of individuals with the common ambition to do something to tackle climate crises on an everyday basis. Even though the group shared a common dedication and goals, their background was very diverse. The founders came from finance, tech and communication industry. Those backgrounds are easy to find in the Doconomy DNA. Through knowledge and insights people can react and re-act.
The group realized that our everyday consumption was a topic everybody could relate to and most people realize that our way of spending money is more or less harmful to the climate. Doconomy wants to make people more aware of how consumption affects the climate. With more awareness, it’s easier to make more sustainable decisions. Hence a solution to make the impact of consumption visible had to be created.
Could you present Doconomy's offer?
Through our services we want to fertilize the knowledge regarding how our way of living, eating, travelling - spending – affects the ongoing climate crisis. We want to inspire people to take action and at the same time give them tools to start the transition into a more resilient way of living. The offering is based on two pillars:
· For consumers, the DO app and the DO credit card.
· For banks and payment providers, the Åland Index Solutions.
Our DO app that was launched in Sweden December 2019 and the DO credit card that will be released this spring uses the impact calculations from the Åland Index.
The Åland Index is the hub of the Doconomy world. From this world leading index, the price of a purchase is translated into a price described in CO2/kg. The index calculates the true cost of consumption.
But futureproofing the planet won’t be done by activating Swedes only. The Åland Index Solutions is a cloud-based service that enables banks, payment providers, and financial institutions to offer the transaction-based impact calculations to their clients.
What have you achieved so far?
We have launched the B2B offering with The Åland Index Solution, that by now embraces 40 million potential users in the USA via Bank of The West and in the Nordics via banks Nordea and Ålandsbanken. We’ve also deepened our partnership with Mastercard that led to an equity investment in Doconomy December 2019. As previously mentioned, we are now on the Swedish market with our first app and soon we’ll be launching our first DO credit card.
What does the future hold for Doconomy?
In 2020, our aim is to launch our DO concept in two more European countries and we’re currently in a multitude of simultaneous talks with banks regarding our B2B offering through The Åland Index Solutions.