New UK climate fintech Zero gears up for end-of-year launch
Zero, a new climate-focused fintech based in Cardiff, Wales, is preparing to launch its full range of financial services by the end of 2024.
![Zero - fintech news](https://www.fintechfutures.com/files/2024/08/land-182x180.png)
Zero became B Corp certified in July 2024 (Image: Zero)
The start-up, which secured B Corp certification in July 2024, aims to deliver digital account services “for the generation putting the planet first”, offering a debit card, personal current account, and finance app focused on sustainability.
The fintech seeks to analyse customers’ spending data to pinpoint lifestyle choices that contribute to climate change and offer personalised solutions to help users learn more about their consumption habits and reduce their carbon footprints.
To help deliver its offerings, Zero has partnered with the following firms:
- Mastercard for its debit card scheme
- Transact Payments for BIN sponsor, card issuer and e-money services
- Flagright for transaction monitoring
- Marqeta for transaction processing
- TAG Systems for card manufacturing
- Onfido for identity verification and KYC
- Kani for reconciliation
- Plaid for open banking connectivity
Richard Theo, Zero co-founder and CEO, says the company is aiming to fill “a much-needed gap” between digital finance features and sustainability “that simply isn’t currently available to our Gen Zero target market of 4 million climate active 18 to 34-year-old Gen-Z and Millennial consumers”.
The start-up secured seed funding in 2023 from investors including the Development Bank of Wales. The company, currently backed by 24 angel investors, is now seeking additional capital through a seed extension round.
In addition, Zero is introducing a customer ownership model which it calls its Community Option Scheme, through which the firm will share 20% of the value of the business with its customers.
Moving forward, Zero aims to secure a full UK banking licence to offer a range of sustainable lending products.
Climate-focused fintechs have been highly active recently, with notable funding rounds including Doconomy’s €34 million Series B, Climate X’s $18 million Series A, and Berlin-based Cloover’s $114 million seed round raised in May.