Frequently Asked Questions
What’s the purpose of Doconomy?
Future-proofing planet earth
What is Doconomy’s idea?
Provide digital tools to drive change, direct capital and enable a sustainable lifestyle for all
What is Doconomy and why was it founded?
Doconomy is a Swedish fintech startup founded in Sweden in 2018. Doconomy is also a philosophy and a call-to-action for climate change. It is time to move from Economy to a Doconomy where we all have the possibility to contribute. Urgent action is needed to curb carbon emissions and combat climate change. Doconomy wants to inspire individual change in behaviour, reduced consumption and compensation. The first solution from Doconomy is the digital banking service DO.
Is Doconomy a bank?
No. Doconomy is not a bank. We operate under the Finnish banking license of our partner-bank, Ålandsbanken. Future DO members’ savings will be covered by the deposit insurance scheme.
Who owns Doconomy?
Doconomy is owned by the team and by private investors all with the collective belief that we need to do something about the state of the planet. Doconomy’s partner-bank, Ålandsbanken is also minority shareholder.
Who should become a Doconomy member?
If you, like us, think change begins with individual change of behaviour and collective action, you are invited to join as a DO member. We’ll do our best to provide you with easy to use tools to understand your carbon footprint, learn how to minimize your negative and increase your positive impact, ultimately achieve a more sustainable lifestyle.
What is the Doconomy business model?
Doconomy will earn revenue through our mobile banking service – savings, transaction volume and the payment- & credit card. Doconomy will offer competitive terms for the consumer and will make retail partners pay for their climate impact and the possibility to compensate through their customers and DO credits. The Doconomy model will be transparent and available online.
What makes Doconomy unique?
Doconomy has created a unique circular eco-system, connecting the consumer with retailers and the producer, in order to facilitate climate compensation, sustainable investments and everyday climate action. We utilize the power of many as well as redirecting capital flows to create real and lasting change.
Will Doconomy expand abroad?
Where there is climate change, there is a need for Doconomy. The ambition is to support as many people as possible with the opportunity to monitor impact and to make sustainable life style choices.
How do Doconomy take a social and environmental responsibility as a business?
Doconomy applies an integrated approach towards our broader economic, social and environmental responsibility. Our ambition is to act as a role model. We are a gender equal fintech start-up promoting diversity. We have a female CEO and Chairwoman of the Board, 50/50 gender equality among our Board of Directors and a large number of female private investors.
Doconomy will be transparent on how we make money and we will always work to offer competitive fees. Our service is accessible and easy-to-use, and we will work to increase inclusion, both from a climate- and a financial perspective.
Doconomy will measure, work to reduce and fully compensate our own carbon footprint. Our targets will be aligned with the ambition towards 2030 and 2045. Our criteria for both climate compensation projects, as well as for the funds we offer, will be of the strictest. All partners will be evaluated from a sustainability perspective and we will work together with them, as well as with all stakeholders, to drive change and create a positive impact. The impact we create, will be publicly disclosed.
What is DO?
DO by Doconomy is an easy-to-use mobile banking service. An app for personal finances and everyday climate action. DO helps you to easily manage your consumption and savings, to achieve a sustainable lifestyle. The DO credit card automatically tracks the CO₂ footprint from your card purchases and provide you with alternatives to compensate. You will also be able to collect DO credits from our partners that can be used for further compensation.
What is the DO card?
In addition to functioning as a regular payment- & credit card with competitive terms, the DO card also track the CO₂ impact of your purchases allowing you to compensate or invest.
DO's unique credit card is a climate-friendly card that is bio-sourced and printed with Air Ink from recycled air pollution.
How do you measure my specific CO₂ footprint?
Do tracks your CO₂ footprint, using the Åland Index. The index calculates the impact of each credit card transaction based on merchant category codes and financial markets data. The index also applies the World Bank social cost of carbon, amounting to 90 EUR/ton.
What is a DO credit?
We have created an ecosystem where we connect consumers, retailers and producers. Our partners will be able to provide consumers with DO-credits, based on the impact of their purchase. The credits can’t be used for further consumption but for the climate and for the benefit of the consumer’s personal finances.
When and how can I use DO?
We are currently developing and testing the DO-app and the card is in the making. The app launch is planned to early 2019. Sign up today and be part of the journey. We will work to engage and onboard you onto the journey.
Can anyone become a DO-member?
Everyone who wants to do his or her part in tackling climate change should sign up.
What is climate compensation?
DO offer members the possibility to climate compensate for the carbon emissions from consumption, that couldn’t be avoided. Measuring the carbon emissions, understanding the footprint and working to reduce it, is key to act on climate change on both organisational and individual level. Investing in UN certified emission reductions and/or Gold Standard projects can compensate the emissions that could not be avoided.
By buying units in climate friendly compensation projects you can support projects in developing countries, have a positive impact on local communities and contributing to achieving the UN Sustainable Development goal (also known as the SDGs).
Why do you offer climate compensation?
Many consumers want to be part of mitigating climate change. Climate compensation is one way to neutralize your carbon footprint. However, it should not be used as an indulgence for further consumption, and it must be done in combination with understanding the footprint, working to reduce it and compensate for emissions that could not be avoided. We now this is not easy, and we are all learning. Let’s share our knowledge and DO this together.
What kind of investments will be offered through DO?
DO will offer you best-in-class sustainability funds delivering on specific objectives such for instance as the 2 degree target or the global development goals. DO cooperates with brave and innovative asset managers aiming to achieve the best returns both for you and for our planet. Transparency and high quality reporting on results, is of great importance. DO will drive change together with selected partners. SPP Fonder and Tundra Fonder are already onboard.