Doconomy acquires leading engagement banking platform Dreams Technology to expand suite of climate action tools and empower banks to better engage their customers

Through the acquisition of Dreams Technology, Doconomy becomes the first provider to offer a holistic solution that drives meaningful climate and social impact for the financial services industry.

23.02.23 - STOCKHOLM: Doconomy (www.doconomy.com) - the leading climate technology startup helping banks, brands, and consumers to better understand and reduce their environmental impact - has acquired Stockholm-based financial wellbeing fintech Dreams Technology (www.dreamstech.com). This marks the first deal of its kind to bridge the unique intersection of behavioural economics and climate impact.

Under the acquisition, Doconomy will incorporate Dreams Technology’s proprietary platform - which leverages behavioural science to deliver radical new ways to boost banking customers’ digital engagement and financial wellbeing - to its suite of leading environmental impact measurement tools. This will enable Doconomy to offer its existing banks and financial institution partners an extended behavioural science-driven product portfolio that will include modules for climate smart savings, debt management, and investments.

Through the unique combination of Doconomy’s expertise in quantifying environmental footprints and Dreams Technology’s proven track record of boosting digital engagement and effectively driving behavioural change, the joint product offering will be the first to deliver a best-in-class digital experience that promotes financial wellbeing, encourages sustainable consumption choices and effectuates climate action at scale.

In turn, the acquisition will further help establish financial institutions globally as change agents in tackling the combined climate and cost-of-living crises, while enabling banks to address regulatory sustainability reporting and strengthen client and consumer engagement and retention.

Mathias Wikström, CEO & Co-Founder of Doconomy, comments: “Doconomy and Dreams Technology are a perfect match! Both companies are built to motivate and shape behaviours in an innovative way that is key to sustainable and lasting change. The acquisition will allow us to embed the unique methodology Dreams Technology has built over the years together with their suite of proven products. This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results. We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero - making every transaction count for both people and the planet.”

The demand from financial institutions for climate solutions and carbon monitoring tools has skyrocketed in recent years, as global anxieties about climate change grow. An estimated 72% of global emissions are attributable to household consumption, but similarly, a staggering 73% of global consumers say they would change their buying behaviour to reduce their impact on the environment, which underlines the unique opportunity for banks that cater to this preference and address the needs of climate-conscious individuals.

Henrik Rosvall, CEO & Co-Founder of Dreams Technology, who joins Doconomy’s leadership team, adds: “By joining forces with Doconomy, we see a substantial opportunity to promote financial wellbeing and climate action at scale with the first holistic offering in the market. At Dreams Technology, our solutions operationalise over 100 behavioural science insights and are designed to drive sustainable behavioural change in banking customers by closing the intention-action gap, creating positive and impactful financial behaviours, and making money more emotional, accessible, and effective for everyone. It’s a match made in heaven using innovation and behavioural expertise to empower banks in their journey from transaction engines to global change agents.”

Named one of Wired’s Hottest Nordic Startups of 2022, Doconomy provides leading impact data services for individuals and corporations to measure and educate around the environmental impact connected to consumption and lifestyle choices. Since officially launching the world’s first transaction-based carbon footprint calculator in 2017, Doconomy has successfully sustained an impressive year-on-year growth, thanks to relentless innovation, having continually broadened its product ecosystem, releasing a diverse set of tools and impact methodologies aimed at engaging users in everyday climate action. Doconomy’s core solution is developed with the application of its environmental impact index (Åland Index) which enables CO2 and H2O calculations for all digital financial transactions. Today, Doconomy's ecosystem is setting a global standardised language around how impact is measured, and the company’s technology is currently used by Mastercard and deployed in 30 countries by some of the world's leading banks and brands, including BNP Paribas, Klarna, Nordea and Standard Chartered, with over 850 million potential end-users.

ENDS

About Doconomy

Doconomy, founded in Sweden in 2018, is a world-leading provider of applied impact solutions. Doconomy wants to future-proof life on planet earth by empowering individuals and corporations to take responsibility for their environmental footprint, enabling a sustainable lifestyle for all. The company firmly believes that the climate crisis can only be solved as a collective with climate literacy at its core. Doconomy provides to over 75 clients in 25 different markets, and is a partner of the United Nations Framework Convention on Climate Change (UNFCCC), Mastercard, S&P Trucost, the World Wildlife Fund (WWF), Mitsui, and Parley for the Oceans, and has won multiple Grand Prix awards at Cannes Lions for its Åland Index and other innovations. In 2022, Doconomy was named the 7th most innovative company by Fast Company, was included in Wired’s top 100 startups in the world, and raised $19 million of equity capital in a funding round led by CommerzVentures. Other investors include Citi Ventures, Ingka Investments, Mastercard and Ålandsbanken. For more information about Doconomy, please visit: www.doconomy.com

About Dreams Technology

Dreams Technology is on a mission to create deeper and more valuable relationships between banks and customers and make financial wellbeing an everyday reality for millions of people worldwide. Building on insights from psychology, neuroscience and behavioural economics, the Dreams engagement banking platform offers unparalleled effectiveness in activating intrinsic motivation and driving sustainable behavioural change. Its scientific approach has proven results for key economical and social sustainability goals, including increasing financial wellbeing, financial and gender equality, and responsible consumption. The platform seamlessly integrates into existing bank applications, and empowers banks to meaningfully engage with their customers, drive new revenue streams, and take a future-proof stance on sustainability and social responsibility. Last year, the solution provided by Dreams Technology was recognised as the ‘Best Digital Banking Solution Provider’ at the 2021 Fintech Futures Banking Tech Awards, it also won three ‘Best of Show’ awards at Finovate in 2021 and 2022. Dreams Technology is the B2B arm of Dreams AB - a consumer money-saving app launched in Sweden in 2016. For more information about Dreams Technology, please visit: www.dreamstech.com

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