In late 2022, Tenity selected eight highly motivated startups to participate in its first Incubation Program in the Nordics and Baltics region. The program is dedicated to Climate FinTech and aims to support entrepreneurs in positively impacting the decarbonization of the global economy.
As the startups are halfway through the program, we aim to provide an in-depth look at each of them and share their unique stories. In this two-part series, we are pleased to present the first four Climate FinTech startups from Batch I. Without further ado, let’s dive in!
Puja Mahajan was the CEO of a private aircraft operator, she witnessed first-hand the negative impact of the aviation industry on the environment due to harmful emissions. This experience prompted her and her business partner, Sébastien Lacube, to take action by founding Azzera with the mission of shifting the perception of aviation and other hard-to-decarbonize industries. Their goal is to create solutions that help companies take their first steps towards climate action by reducing emissions and contributing to local climate initiatives.
The aviation industry faces increasing pressure to decarbonize due to regulations and public awareness. However, it will take time for sustainable aviation fuel to be developed. As such, carbon offsetting or climate contribution will play a crucial role in reducing emissions. Azzera's solutions act as a one-stop-shop for companies looking to improve compliance work and offset unavoidable emissions through management of reliable and validated projects for offsetting or contribution towards local climate positive actions, including nature-based solutions that increase biodiversity and improve conditions for local communities. With a team operating in Canada and Switzerland, Azzera is on a mission to support the aviation industry's shift towards more sustainable operations.
In the summer of 2019, Fredrik Billing, who was active in a business angel network focused on sustainability and energy technology, began contemplating how to contribute to climate action through his own initiatives. As the transport sector accounts for a significant portion of CO2 emissions, Fredrik wondered how the emerging eMobility trend could be accelerated with new technology to encourage people to change their behavior. Through his involvement with the startup incubator Antler, Fredrik was introduced to Tore Stenbock, a telecom industry expert with a passion for blockchain technology, and they quickly formed Eljun, a ClimateFinTech with a vision to simplify the use of any eMobility, anywhere, by providing a convenient payment solution.
Eljun's ambitious vision is not without challenges. Nonetheless, they have made groundbreaking developments and secured a patent-pending blockchain solution that ensures a safe and seamless user experience. The first step of their plan is to convert employer loyalty programs into eTokens that can be used in eMobility transactions. By doing so, employers can encourage their employees to use more eMobility and play an active role in fostering a more climate-conscious and positive behavior among their employees.
GreenGrowth Investments Ltd was founded by Chris Webb, an environmental consultant in London, who struggled to find sustainable investment options that matched his preferences. He teamed up with Luke Harbord and later, Marc Hendriks, to create a consumer app, but eventually pivoted to a SaaS platform for financial advisors to offer bespoke solutions to their clients. The platform aims to capitalize on the growing trend of individuals realizing the impact their investments can have on the environment, and the increasing demand for personalized sustainable investment options.
As data availability and quality in the ESG landscape improve, it’s the ideal time for a larger shift towards sustainable investments. Investing in a “green pension”, for example, can create 21 times the impact compared to other actions. GreenGrowth is well-positioned to serve this growing movement and provide financial advisors with the tools to offer their clients customized sustainable investment solutions that align with their preferences.
During the pandemic lockdown, Milda Vitkauskaite, Kantas K., and Romansas Pamedytis saw the need for an automated tool to calculate greenhouse gas emissions for financial institutions to address the growing financial risks posed by climate change. Romansas, a computer scientist with experience in services for banking, started exploring existing climate data and identified an opportunity to develop an automated tool for calculating GHG emissions designed for financial institutions.
Financial institutions need to assess their exposure to climate risks, including their portfolio emissions, to operate successfully. However, current tools and systems are inadequate, implying a considerable manual workload for financial institutions. OCO's solution aims to use the financial institution's data to perform GHG emission calculations in real-time, a challenging task considering accuracy and safety demands. With increasing regulatory requirements, growing investor pressure, and evolving stakeholder expectations, OCO is prepared to empower financial institutions to perform better, meet the evolving demands of investors and regulators, and reduce the cost and workload of compliance estimations, which are estimated to cost EU banks over 2 billion euros per year.