TreeCard, a London-based FinTech startup, announced today that they have opened the waiting list for their brand new wooden debit card, which uses the money from its fees to plant trees.
Scheduled to launch early 2021, the new card will send 80% of the profits earned from merchant transaction fees to reforestation efforts by Ecosia, a search engine that uses its ad revenue to plant trees.
In the first two hours of the announcement, TreeCard recorded some 10 thousand signups for their new wooden debit card; a considerable effort, since users have to commit to giving all their details to set up the account, apart from a security code and physical photo ID.
The card is made with a small amount of plastic for the contactless chip, and the rest is made from FSC certified British cherry wood. TreeCard estimates that for every £45 (US $60) spent using one of the debit cards, one tree is planted and cared for by Ecosia, for a total of three years. Jamie explains that since the transaction fee is paid by the bank and the merchant, it is completely free for the cardholder.