Startup CarbonPay, selected as a participant of Visa’s Fintech Fast Track Program, is bringing innovation and sustainable offerings to the payments space
CarbonPay, a sustainable fintech platform that offers the planet’s most impactful payment cards and makes everyday climate action simpler, announced the launch of its corporate prepaid offering, CarbonPay Business Ctrl. With this launch, CarbonPay offers a prepaid card for businesses in the U.S. and U.K. that helps offset their carbon footprint automatically with every transaction; for every £1 / $1.50 spent, CarbonPay offsets 1kg of CO2 at no extra cost. The simple and transparent pricing plan scales with any business, where businesses can add as many or as few people as needed, paying £5 / $5 a month per cardholder.
“The fight against climate change can’t be solved by a handful of people, it requires systemic change and for everyone to take action,” said Rory Spurway, CEO and founder, CarbonPay. “That’s what inspired us to create CarbonPay, to help people and businesses around the world make a simple, but impactful change which will help us all in the fight against climate change. We turn every transaction into meaningful climate action by automatically offsetting CO2 every time you pay. It’s a simple, but important step towards making a real difference.”
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Customers that join the CarbonPay community will benefit from the business’ partnership with ecolytiq, a Sustainability-as-a-Service platform. The technology tracks the carbon footprint of every purchase, allowing businesses to fully understand the environmental impact of their spending behavior, which can lead to smart data-led decisions on how to reduce their carbon footprint associated with their business purchases.
CarbonPay is making it possible for businesses to seamlessly transition to CarbonPay Business Ctrl, by offering integration to major accounting platforms while making expense management simpler with digital receipt capture and automated reconciliation. CarbonPay Business Ctrl offers physical cards, lodge cards, virtual cards and is currently available on ApplePay and GooglePay in the US, ensuring it meets the needs and preferences of all businesses.
CarbonPay’s prepaid card is powered by Visa and Stripe to provide secure payment offerings to users. CarbonPay participates in Visa’s Fintech Fast Track program, allowing CarbonPay to more easily leverage the reach, capabilities, and security that VisaNet, Visa’s global payment network, offers. The launch aligns strongly with CarbonPay’s mission, to support a new sustainable economy where every individual and business plays their part in tackling climate change by creating climate action tools that fit effortlessly into day-to-day lives.
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“At Visa, we are excited to partner with companies like CarbonPay that are innovating new ways to integrate climate action into payments,” said Douglas Sabo, chief sustainability officer, Visa. “As we continue to transition to a low-carbon economy, innovations like this help advance our shared goals around climate and provide sustainable financial solutions to modern day business challenges.”
CarbonPay is partnered with two expert climate action organizations: ClimateCare, and SeaTrees , who finance, develop and manage some of the world’s most credible and diverse sustainability projects, aiding CarbonPay’s efforts to offset emissions on behalf of their users. In addition, CarbonPay is a proud user of Stripe Climate, which contributes funds from CarbonPay to frontier technologies that help remove carbon from the atmosphere.
“More and more businesses are building financial products with sustainability in mind—and they’re using Stripe’s infrastructure to do it,” said Simon Arscott, Head of Banking-as-a-Service at Stripe. “CarbonPay’s new tool, built on Stripe Issuing and Climate, lets their users have a meaningful impact on climate change in just seconds.”
In addition to helping businesses truly live their corporate social responsibility values, CarbonPay is committed to using business as a force for good and is a proud member of 1% for the Planet, pledging to donate 1% of annual sales to support nonprofit organizations focused on the environment.
CarbonPay is pursuing the launch of its Business charge card and Personal card offerings, which will be debuting later in 2022. Businesses and consumers looking to get one step closer to net zero and commit to more sustainable spending can join the waitlists here. We pay so the planet won’t.
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