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{"id":31069,"date":"2023-05-04T22:24:54","date_gmt":"2023-05-04T22:24:54","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/05\/04\/green-got-is-a-neobank-for-climate-conscious-customers\/"},"modified":"2023-05-04T22:24:55","modified_gmt":"2023-05-04T22:24:55","slug":"green-got-is-a-neobank-for-climate-conscious-customers","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/05\/04\/green-got-is-a-neobank-for-climate-conscious-customers\/","title":{"rendered":"Green-Got is a neobank for climate-conscious customers"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/04\/green-got-is-a-neobank-for-climate-conscious-customers\/<\/a><\/br>
\nGreen-Got is a neobank for climate-conscious customers<\/br>
\n2023-05-04 22:24:54<\/br><\/p>\n

\n

French startup Green-Got<\/a> is building an alternative to your traditional bank account with a focus on climate change. Essentially, Green-Got guarantees that your savings and the money that is sitting in your bank account aren\u2019t going to finance fossil fuel projects and other polluting industries.<\/p>\n

The startup recently raised a $5.5 million (\u20ac5 million) funding round led by Pale Blue Dot<\/a>. The community of Green-Got\u2019s customers contributed nearly \u20ac2 million to this funding round. Green-Got managed its equity crowdfunding campaign through Crowdcube<\/a> with around 1,300 investors.<\/p>\n

As a neobank, Green-Got doesn\u2019t want to stand out when it comes to its feature set. Clients can create an account using Green-Got\u2019s mobile app in just a few minutes. They get a current account with a French account number. A few days later, they receive a debit card.<\/p>\n

That card works with Apple Pay and Google Pay. And the startup doesn\u2019t charge any foreign transaction fee on top of Mastercard\u2019s exchange rate. Every time you make a purchase with your card, you receive a push notification on your phone in just a few seconds.<\/p>\n

In other words, Green-Got ticks all the right boxes when it comes to providing the basic banking features. \u201cWe\u2019re providing the best features from Revolut and N26 that have convinced many users, but at the same time you have the best of impact finance,\u201d co-founder and CMO Maud Caillaux told me.<\/p>\n

What makes Green-Got different is that the startup wants to focus on one vertical in particular \u2014 and that\u2019s climate. Over the past few years, several studies<\/a> have shown that big retail banks invest in multinational energy corporations that finance invasive fossil fuel projects. And that\u2019s just the tip of the iceberg, as there are many companies that don\u2019t necessarily work in this industry but still produce large emissions of greenhouse gases.<\/p>\n

With Green-Got, customers know for sure that their money isn\u2019t going to finance these types of companies. Green-Got isn\u2019t technically a bank, it\u2019s a payment institution that partners with a bank (Cr\u00e9dit Mutuel Ark\u00e9a). When customers hold money in their account, that money isn\u2019t invested in any way. It just sits there, waiting for the next cash withdrawal.<\/p>\n

When it comes to consumer-facing features, Green-Got showcases the carbon dioxide equivalent (CO2<\/sub>e) of your card purchases so that you can get a sense of your personal impact on the environment. For instance, spending \u20ac500 on Air France\u2019s website probably means that you made a purchase with a large climate impact compared to spending \u20ac500 at a second-hand bike shop.<\/p>\n

The startup generates revenue from subscriptions. An account costs \u20ac6 per month. There is no free tier as the company is prioritizing sustainable growth over growth at all costs. There are currently 13,000 paid customers.<\/p>\n

If you\u2019re familiar with neobanks, you may know that fintech startups also generate revenue from interchange fees. Every time you pay with your card, the card transaction fees are split between the merchant\u2019s bank, the network provider (Mastercard for instance) and the customer\u2019s financial institution (Green-Got in that case).<\/p>\n

Green-Got doesn\u2019t want to generate revenue from these fees. That\u2019s why the company has selected a few nonprofits with its customers so that Green-Got can make donations based on those interchange fees. \u201cIt represents hundreds of thousands of euros,\u201d Caillaux said. The startup will soon enable payment roundups for donations as well.<\/p>\n

In the future, Green-Got also plans to launch savings accounts in the form of assurance-vie<\/em> contracts. The company is evaluating and handpicking all the financial products that are going to contribute to the basket of investments because certifications aren\u2019t enough when it comes to funds.<\/p>\n

Generali will manage the contracts on the behalf of Green-Got. \u201cIt is as if we have the recipe for the cake and they have the factories to make the cakes,\u201d Caillaux said.<\/p>\n

Neobanks have been around for a while and many people are now familiar with the concept. A few years ago, many entrepreneurs wanted to start a \u201cneobank for x,\u201d but that trend faded away. Green-Got arrives on the market a bit later but could also avoid all the pitfalls that come with running a neobank.<\/p>\n

In addition to more generalist challenger banks, Green-Got competes with traditional retail banks that are trying to incorporate climate impact in their priorities, such as the Cr\u00e9dit Coop\u00e9ratif<\/a> or La Nef<\/a>. It\u2019s going to be interesting to see how big Green-Got will become in the coming years.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/05\/04\/green-got-is-a-neobank-for-climate-conscious-customers\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/04\/green-got-is-a-neobank-for-climate-conscious-customers\/ Green-Got is a neobank for climate-conscious customers 2023-05-04 22:24:54 French startup Green-Got is building an alternative to your traditional bank account with a focus on climate change. Essentially, Green-Got guarantees that your savings and the money that is sitting in your bank account aren\u2019t going to finance fossil fuel projects and other polluting industries. 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