Stockholm-based Earthbanc was selected the winner of this spring’s Mastercard Lighthouse FINITIV.
“We are very excited to see the amount of engagement Earthbanc received through the FINITIV program and look forward to continue supporting their growth”, says Mats Taraldsson, Head of Innovation, Fintech and Impact-tech Engagement, Mastercard Nordics and Baltics
FINITIV is an open innovation program that helps start-ups partner with Mastercard, Swedbank, Danske Bank, SEB and DNB. Selected for its clear communication, strong value proposition, and potential to help organizations measure scope 3 emissions, Earthbanc rose to the top of a 15 strong start-up list that the program’s corporate participants identified as possible partners at the start of the semester.
Earthbanc reports and verifies carbon risks for banks and other large organizations by using its sustainable finance AI in combination with open banking data, satellite & IoT remote sensing services. As part of the European Green Deal, the EU now requires businesses to use a common taxonomy, or classification system, for measuring and reporting their environmentally sustainable economic activities. While many organizations still struggle to gather and classify ESG data, the majority of companies recognize the need to do so going forward. Solutions such as those from Earthbanc can help companies effectively turn ESG compliance from a liability into an asset.
Mats Taraldsson of Mastercard also said: “Sustainable finance taxonomy is going to become a more visible part of the way companies conduct business. Now we only need that solutions such as those provided by the Lighthouse companies act as enablers for this development to take place, and for banks and other corporates to partner and play their role in this journey.”
Earthbanc delivers enterprise-ready sustainable finance, carbon reporting and carbon offsets, and specifically targets banks around the world, and has started working with Nordic and Baltic banks.
Medjit Yalmaz, Head of Fintech Investments at Swedbank, said:
”Swedbank is very well aligned with sustainability and financial well-being which is part of the bank’s DNA, strategy and vision. We are always looking for new ways to offer new and better services for our customers. Spring programs has introduced us to start-up companies with whom together we see opportunities in creating a better tomorrow,”
Earthbanc is currently delivering a pilot with Swedbank in Lithuania, automating carbon reporting for businesses which can uncover sustainable loan use cases and opportunities for accurate carbon offsetting using Earthbanc’s patent pending AI which measures the accuracy of carbon sequestration in carbon offsets.
Antanas Sagatauskas, Head of Corporate Banking Division at Swedbank Lithuania, said:
“Swedbank Lithuania has selected Earthbanc’s technology to pilot the automation of our business customer’s carbon reporting. Participating businesses will be able to see their carbon footprint and gain insights about potential cost savings and carbon reductions that could be generated through implementing sustainability activities. Sustainable finance is becoming the new standard across Europe and Earthbanc’s innovative fintech makes this transition easy.”
Earthbanc won the Best Product award in the ROCKIT Impact Accelerator for its carbon reporting and offsetting product it is piloting with Swedbank in Lithuania. This Best Product award further validates the strong value proposition of Earthbanc’s universal API that delivers automated carbon reporting.
“Winning the Mastercard Lighthouse FINITIV program is a great vote of confidence from Mastercard in our technology, team and growth roadmap with banks and businesses. Previous winners of Mastercard Lighthouse have gone on to major successes with support from Mastercard and their global network of banks and corporate partners.
“We are proud to join this world class fintech ecosystem and grow our collective impact by helping solve the biggest problem of our time – climate change. Our Sustainable Finance API provides ESG and carbon reporting, sustainability metrics for loans, and delivers the world’s first AI-powered continuously audited carbon offsets. We are honored to win the overall Mastercard Lighthouse FINITIV award – getting to work with top banks to achieve net zero with our sustainable finance API and carbon offset solutions with the Mastercard network.”
The Lighthouse FINITIV Program winner receives an invitation to pitch for Mastercard’s Start Path program. Previous Swedish fintechs that have gone onto the Mastercard Start Path include Doconomy which have partnered with Mastercard and banks globally. The future looks bright for Earthbanc with support from Mastercard, it’s network and new potential opportunities to find synergies with Lighthouse alumni.
Oliver Wagg, Director of Communications firstname.lastname@example.org
Earthbanc is a sustainable fintech that delivers carbon and ESG reporting with patent pending AI verified carbon offsets to banks and businesses. The company’s flagship product is the Sustainable Finance API & SDK which turns carbon and ESG data into valuable sustainable loan advisory services, and aggregates loans into digital sustainable bond issuance with bank and corporates partners via the API. Earthbanc previously piloted the issuance of digital green bonds to restore vast mangrove forests on LBChain, hosted by the Central Bank of Lithuania which can cut costs of bond issuance 10-fold.
Read more about Earthbanc at https://earthbanc.io