Karma Wallet acquires sustainability marketplace DoneGood ahead of card and membership programme launch
Sustainability spending fintech Karma Wallet has acquired DoneGood for an undisclosed sum as it prepares to debut its prepaid card offering later this month.
Karma Wallet acquires marketplace DoneGood
Founded in 2008, DoneGood operates an e-commerce marketplace featuring brands engaging in pre-approved sustainability practices, such as paying a fair wage or powering production with renewable energy sources.
Karma Wallet serves a similar remit to that of its latest purchase, leveraging its data platform and rating system to provide consumers with insights into the social and environmental impact of companies from various sectors, using the United Nations’ Sustainable Development Goals (SDGs) as a baseline.
The acquisition of DoneGood is set to directly integrate into the incoming Karma Wallet card and associated membership programme, which the fintech says it plans to launch in “late April” this year.
Consumers enrolled in the membership programme will receive a Visa prepaid debit card, issued by Pathward, and will have purchases made through the DoneGood marketplace rewarded with up to 10% cashback and free shipping.
Rewards are also to extend to purchases made outside of the marketplace, with Karma Wallet stating that it will donate to anti-deforestation causes with every fuel-related purchase, and to hunger alleviation efforts when members pay a bill at a restaurant.
In essence, the integration of the two causes is expected to afford Karma Wallet members insight into brands’ sustainable strategies, as well as a means to purchase their products.
Kedar Karkare PhD, co-founder of Karma Wallet, says the fintech was born from a desire to integrate “ethical choices into everyday finances”, and states that the acquisition of DoneGood serves as a “significant milestone” to achieving its endeavour.
