The company combines sustainability data from brands with information on customer transactions – rewarding environmentally conscious choices
Spotted: Swedish fintech startup Gokind has set out to transform consumer awareness of brand sustainability. The company aims to encourage ethical and environmentally conscious decisions by reaching customers through something they use every single day – their bank account.
The Stockholm-based startup has developed what they claim to be the world’s first loyalty programme for the planet. Leveraging expertise in behavioural science, software development, sustainability reporting, and business law, Gokind is making it easier for consumers to become eco-conscious. The startup encourages consumers to buy from more ethical and eco-friendly companies through rewards and loyalty incentives – using open banking to help customers understand which brands have sustainable practices.
To use the app, customers simply connect Gokind to their existing bank or credit accounts. With every purchase from an ethical or sustainable brand, customers will earn ‘impact credits’. The more ethical the brand, the more credits they get. The credits can then be exchanged for products and services, or put towards donations.
Thanks to the financial data they can access through open banking, Gokind can give consumers personalised advice and nudge them to make changes in their consumption habits – such as switching to a greener electricity provider or building credit with companies that support more diverse leadership.
Next steps in the company’s development include expanding beyond Sweden to provide sustainability insights to consumers across the world.
Gokind is just the latest example of a fintech innovation that encourages sustainability. Others spotted by Springwise include a fintech app that powers the circular economy, and a credit card that tracks the carbon emissions associated with purchases.
Written By: Katrina Lane