September 21, 2022
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1 big thing: Climate fintech raises $5.3M
Future, a climate-focused fintech, has raised $5.3 million in a seed funding round led by VC firm Accomplice, Ryan exclusively reports.
Why it matters: The company blends fintech with climate tech by giving users cash incentives for lowering their carbon footprint.
Details: Future was founded last fall by Jean-Louis Warnholz and Kamal Bhattacharya, who both spent time building infrastructure in Africa before pivoting to address climate change.
- Warnholz was an adviser to the World Bank and a part of Hillary Clinton’s State Department.
- Bhattacharya served as chief innovation officer at Safaricom and was CEO of iHub Nairobi.
- Other investors include Active Impact Investments, Techstars Ventures, Urban Impact Ventures, Climate Capital and activist Baratunde Thurston.
Of note: “I realized when we had one of these massive heat waves in Kenya that everything I was so passionate about for all of my career was threatened by climate change,” Warnholz says.
- “So I became obsessed with climate change and trying to figure out what I might be able to do to make a small contribution."
How it works: Future offers a debit card that rewards users with up to 6% cashback when they purchase low-carbon, greener alternatives for everyday spending.
- Examples include spending for EV charging, public transportation, plant-based meat and secondhand clothes.
- The whole thing works by scanning receipts to categorize purchases, which the app then uses to determine rewards.
What’s next: The startup also has an app that helps users track and reduce their carbon emissions.