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CarbonPay launches payment card to help businesses automatically offset their carbon footprint
CarbonPay, a sustainability-focused fintech, just released its first product, CarbonPay Business Ctrl — a prepaid corporate card offering.
“The product is designed for companies looking to live their corporate green goals without participating in corporate greenwashing,” CarbonPay CEO Rory Suprway told Tearsheet.
The firm claims that for every $1.50 or £1 spent using its products, it offsets 1 kg of CO2 at no extra cost. Their service is currently available in the US and the UK.
The latest briefing
Green Finance Briefing: Tech's newfound interest in carbon capture
The carbon removal market has been attracting a lot of interest lately, and now it seems that there’s a strong wave of capital coming in as well, with big tech companies paving the way.
Alphabet, McKinsey, Meta, Shopify, and Stripe are joining together in launching a $925 million fund – essentially an advanced market commitment on carbon capture technology – in a project named Frontier.
The idea is to invest in this technology at an early stage with the aim of figuring out a way to capture carbon at scale, store it long-term, bring the price below $100 per ton, and remove over 0.5 gigatons annually.
While it’s not a central solution to the problem of climate change, carbon removal has a significant role to play – we won’t be able to reach net zero without it.
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Just look at the charts
1. Investment priorities in banking this year
Source: Celent
2. The largest consumer-facing marketplace startups and private firms
Source: a16z
Today's stories
Morgan Stanley is no longer Wall Street’s “smallest big bank”
During the pandemic, Morgan Stanley vaulted past both Goldman Sachs and Citigroup in market valuation (Financial Times)
Revolut taps Cross River to build US business
Cross River Bank has partnered with Revolut to build and scale Revolut's business in the US (PYMNTS)
How Biden's crypto executive order may impact banks
Last month, president Joe Biden signed an executive order on ensuring the responsible development of digital assets. How will it impact banks and fintechs? (Finovate)
JPMorgan reveals design specs for new NYC HQ
JPMorgan Chase unveiled the design for its new global headquarters at 270 Park Avenue, reinforcing its commitment to New York City (Finextra)
Bread rolls out cashback AmEx credit card
Bread Financial, which offers payment, lending, and saving solutions, is launching a new consumer credit card – the Bread Cashback American Express Credit Card (Crowdfund Insider)
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