In late 2024, a new fintech will be landing on the scene with a focus on sustainability. The new finance app, Zero, will target climate-active 21-34-year-olds and educate them about their consumption and environmental impact.
In addition to educating users, the app will also offer them solutions to make reductions on their carbon impact. Through personalised insights and actionable recommendations, Zero will empower individuals to reduce their carbon footprint and contribute to climate and nature-positive solutions.
Zero raised its seed funding round in 2023 from notable investors including the Development Bank of Wales. The firm is currently raising a seed extension funding round.
With a firm belief in the power of collective action, Zero is operating a new customer ownership model which it calls its Community Option Scheme. Consequently, the company will share 20 per cent of the value of the business with its customers.
The app will analyse customers’ spending data to identify areas of their lifestyle that are currently contributing to climate change. It will also identify areas which can further make a difference.
Richard Theo, co-founder and CEO, Zero
Richard Theo, co-founder and CEO, Zero said: “Our vision is a world where money is a force for the good of the planet. Where money will never be used for anything that isn’t getting us to net zero as fast as possible.
“We’re aiming to fill a much-needed gap between best-in-class digital finance features and effortless sustainability that simply isn’t currently available to our Gen Zero target market of four million climate active 18-34-year-old Gen-Z and Millennial consumers.”
Partners enabling success
The sustainability-focused fintech has announced various new partnerships as it launches under e-Money regulations to provide a card, personal current account and app. While the following companies will help with Zero’s launch, the fintech intends to apply for a full UK bank licence to enable the launch of a range of sustainable lending products in the future.
Partners and how they will help:
Mastercard – Debit card scheme
Transact Payments – BIN Sponsor, Card Issuer and e-money
Flagright – Transaction monitoring
Marqeta – Transaction processor
TAG Systems – Card manufacturer
Onfido – Identity verification and
KYC Kani – Reconciliation Plaid – Open banking connectivity
David Craven, COO, Zero
David Craven, COO, Zero added: “We’re delighted to have secured partnerships with this impressive list of organisations. Choosing the right partners is crucial for success. Zero has selected those that share in our mission and vision, as well as enable us to offer a best-in-class product and experience to our end-users.”
Launching later this year, Zero employs a diverse team of specialists with experience across fintech, banking, payments and sustainability. It is supported by a 12 strong advisory group and 24 angel investors including entrepreneurs, founders and CEOs.
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