Ecolytiq is a sustainable banking SaaS. Specifically, their solution integrates with a bank’s infrastructure, which allows banks to analyze individual banking transactions in terms of potential CO2 emissions.
Then, the bank can generate reports summarizing the environmental impact of an individual’s transactions.
The startup has recently partnered with Visa to expand their SaaS to Visa card users.
Ecolytiq raised €13.5M in May from Visa and PwC.
Ecolytiq is part of the Climate FinTech meta trend.
Searches for “climate fintech” have increased by 700% over the last 24 months.
New technologies like IoT, AI and cloud computing are propelling growth in this market.
For instance, McKinsey estimates that using AI to handle food waste can help organizations save up to $123B a year by 2030.
And funding for startups operating in this space is increasing (according to Pitchbook, funding increased 2x last year).
Which explains why this market is forecasted to grow 7.5x in the next six years.
Sungage Financial, Carbon Collective and The Green Exchange are examples of trending climate fintech startups.
Frequently Asked Question (FAQ)
Question: What is Ecolytiq?
Answer: Ecolytiq is an impact fintech based in Berlin, Germany. Their mission is to provide banks and financial institutions all over the world with their Sustainability-as-a-Service® platform to empower millions of customers with information on their personal environmental impact. Ecolytiq is a cutting-edge technology company specializing in advanced data analytics and insights. They focus on leveraging data to provide actionable intelligence and solutions for businesses across various industries. Ecolytiq utilizes sophisticated algorithms and machine learning techniques to analyze large datasets, extract valuable information, and deliver meaningful insights to their clients. Their services are designed to help companies make data-driven decisions, optimize operations, and gain a competitive edge in the market.
Question: What does Ecolytiq do?
Answer: Ecolytiq provides a solution to educate consumers on managing their environmental impact through sustainable banking. They enable banks and financial institutions to become sustainability hubs by offering unique and exciting financial products while staying ahead of the curve in terms of compliance with new regulations.
Question: What is the mission of Ecolytiq?
Answer: The main mission of Ecolytiq is to inspire and facilitate climate action. Through ecoAction, their impact offsetting and ESG investing platform, they enable banks and financial institutions to become sustainability hubs. Customers can reduce, compensate or even eliminate their footprints.
Question: How does ecolytiq calculate the environmental footprint of banking transactions?
Answer: Ecolytiq uses the Open Payment Standard released by the Open Sustainability Registry. The Open Payment Standard utilizes the newest in scientific research and machine learning to transform payment data into country-specific and personalized environmental footprints.
Question: What is ecoAction?
Answer: ecoAction is Ecolytiq’s impact offsetting and ESG investing platform. It enables banks and financial institutions to become sustainability hubs by offering unique and exciting financial products while staying ahead of the curve in terms of compliance with new regulations.
Question: What is Sustainability-as-a-Service?
Answer: Sustainability-as-a-Service is Ecolytiq’s platform that provides banks and financial institutions all over the world with information on their personal environmental impact. It enables customers to reduce, compensate or even eliminate their footprints.
Question: How does Sustainability-as-a-Service work?
Answer: Sustainability-as-a-Service works by enabling banks and financial institutions to offer unique and exciting financial products while staying ahead of the curve in terms of compliance with new regulations. Customers can reduce, compensate or even eliminate their footprints.
Question: How can I use Ecolytiq’s services?
Answer: You can use Ecolytiq’s services by contacting your bank or financial institution and asking if they offer sustainable banking products powered by Ecolytiq.
Question: How much does it cost to use Ecolytiq’s services?
Answer: The cost of using Ecolytiq’s services varies depending on the provider and the type of service being provided. You should check with your bank or financial institution for more information.
Question: Is Ecolytiq regulated?
Answer: Yes, Ecolytiq is regulated by state regulatory bodies. These regulations vary by state and may require banks and financial institutions to be licensed in the state where the customer resides.
Question: What are some common concerns about using Ecolytiq’s services?
Answer: Some common concerns about using Ecolytiq’s services include the quality of care provided remotely, the ability to diagnose certain conditions without an in-person exam, and the potential for misdiagnosis or incorrect treatment.
Question: How does Ecolytiq collect and analyze data?
Answer: Ecolytiq employs various methods to collect and analyze data. They utilize advanced data scraping techniques, API integrations, and partnerships with data providers to gather relevant information from diverse sources such as websites, social media platforms, online databases, and more. Ecolytiq then applies their proprietary algorithms and machine learning models to process and analyze the collected data. These models are designed to identify patterns, extract insights, and generate actionable recommendations for their clients.
Question: What industries does Ecolytiq serve?
Answer: Ecolytiq caters to a wide range of industries, including but not limited to finance, marketing, e-commerce, healthcare, logistics, and manufacturing. Their services are applicable to any industry that relies on data to drive decision-making processes and improve operational efficiency. Ecolytiq’s solutions are versatile and can be customized to meet the specific needs and challenges of different industries, making them a valuable partner for businesses across various sectors.
Question: What are the benefits of using ecolytiq for banks and their customers?
Answer: By using ecolytiq, banks can increase customer engagement and loyalty by providing them with transparent and relevant data on their environmental impact, as well as offering them tailored solutions to reduce, compensate or even eliminate their footprints. Banks can also leverage ecolytiq’s platform to create new revenue streams by offering unique and exciting financial products, such as carbon offsetting subscriptions, green loans or ESG investments.
Question: How can Ecolytiq’s services benefit businesses?
Answer: Ecolytiq’s services offer several benefits to businesses. By harnessing the power of data analytics, Ecolytiq enables companies to gain valuable insights into their operations, customer behavior, market trends, and more. These insights can help businesses make informed decisions, identify opportunities for growth, optimize processes, and enhance their overall performance. Ecolytiq’s solutions can also assist businesses in improving customer engagement, increasing sales and revenue, mitigating risks, and staying ahead of their competitors in the market.
Question: Is Ecolytiq compliant with data privacy and security regulations?
Answer: Yes, Ecolytiq prioritizes data privacy and security. They adhere to strict data protection regulations and industry best practices to ensure the confidentiality, integrity, and availability of the data they handle. Ecolytiq employs robust security measures to protect data from unauthorized access, loss, or misuse. They also comply with applicable data privacy laws, such as the General Data Protection Regulation (GDPR) in the European Union, and take appropriate steps to obtain necessary consents and permissions when collecting and processing personal data.
Question: Can Ecolytiq integrate with existing data infrastructure?
Answer: Yes, Ecolytiq’s solutions are designed to seamlessly integrate with existing data infrastructure. They understand the importance of working with the data systems and tools that businesses already have in place. Ecolytiq’s team collaborates with clients to understand their infrastructure and technical requirements, ensuring a smooth integration process. Whether it’s integrating with data warehouses, customer relationship management (CRM) systems, or other analytics platforms, Ecolytiq can adapt and connect to the existing infrastructure to maximize the value of data assets.
Question: Does Ecolytiq offer training and support for their clients?
Answer: Yes, Ecolytiq provides training and support for their clients. They offer comprehensive onboarding sessions to ensure that clients understand how to utilize their services and leverage the insights generated. Ecolytiq’s team of experts is available to provide ongoing support, answer questions, and address any technical issues that may arise. They value client satisfaction and strive to foster long-term partnerships by offering continuous assistance and guidance throughout the engagement.
Question: Can Ecolytiq handle large-scale data projects?
Answer: Absolutely, Ecolytiq has the capability to handle large-scale data projects. They have robust infrastructure and scalable systems that can process and analyze massive datasets efficiently. Ecolytiq’s expertise in advanced analytics and machine learning allows them to derive meaningful insights from complex and extensive data sources. Whether it’s analyzing customer behavior, conducting market research, or performing predictive modeling, Ecolytiq is equipped to handle projects of varying sizes and complexities.
Question: Are Ecolytiq’s solutions customizable to specific business needs?
Answer: Yes, Ecolytiq understands that each business has unique requirements and challenges. Their solutions are highly customizable to meet specific business needs. Ecolytiq collaborates closely with clients to understand their objectives, data sources, and desired outcomes. They tailor their algorithms, models, and analytics approaches accordingly, ensuring that the insights generated align with the specific goals of the business. This customization allows businesses to derive maximum value from Ecolytiq’s services and achieve targeted results.
Question: How can businesses get started with Ecolytiq?
Answer: To get started with Ecolytiq, businesses can reach out to their team through their website or contact information provided. Ecolytiq’s representatives will engage in a consultation to understand the specific needs and goals of the business. They will then design a tailored plan and propose the most suitable solutions based on the requirements discussed. Ecolytiq aims to establish a collaborative partnership with businesses, guiding them through the implementation process, providing training and support, and continuously delivering actionable insights to drive growth and success.
Question: Who are ecolytiq’s partners and clients?
Answer: Ecolytiq is trusted by innovators in the financial industry, such as Visa, Worldline, Tomorrow, bunq, Solarisbank and more. Ecolytiq is also part of Visa Fintech Partner Connect in Europe, a program that connects Visa’s clients with a curated set of technology partners.
Question: How can I integrate ecolytiq’s solution into my bank or financial institution?
Answer: Ecolytiq’s software is available either as a single API SaaS service, on-premise or via our Open Banking partners and processors. In addition, we offer a brandable White Label solution with no integration required on the bank’s side.
Question: How secure and compliant is ecolytiq’s solution?
Answer: Ecolytiq’s solution is fully compliant with GDPR and PSD2 regulations, as well as adhering to the highest standards of data security and privacy. Ecolytiq does not store any personal or transactional data from its clients or their customers.
Question: How accurate and reliable is ecolytiq’s footprinting methodology?
Answer: Ecolytiq’s footprinting methodology is based on the Open Payment Standard, which is developed by a team of experts from various fields, such as climate science, data science, machine learning and banking. The Open Payment Standard is constantly updated and improved based on the latest scientific research and feedback from users.
Question: How can I learn more about ecolytiq and its features?
Answer: You can visit ecolytiq’s website at https://ecolytiq.com/ to find out more about its mission, vision, products and services. You can also request a demo or contact us for any inquiries or feedback.
Question: How can I join ecolytiq’s team or become an investor?
Answer: Ecolytiq is always looking for talented and passionate people who share its vision of fighting climate change through sustainable banking. You can check out ecolytiq’s current job openings at https://ecolytiq.com/jobs/ or send your CV and cover letter to [email protected]. If you are interested in becoming an investor or partner of ecolytiq, you can reach out to us at [email protected].