Frequently Asked Questions

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Doconomy

What’s the higher purpose of Doconomy?

Future-proofing planet earth.

What is Doconomy’s mission?

Our mission is to provide digital tools to drive change, direct capital towards solutions 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 the world's first mobile banking service for everyday climate action. We belive in the usage of money as a force for good. 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 are better than a bank. Doconomy is a fintech startup who offers a banking service for managing your personal finances and your everyday climate actions. We make it easy and fun to manage your money. With us you get a savings account, a payment- and creditcard, funds and climate compensation. 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 can 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. You have to be over 18 years old and if you want to apply for the DO-card, we will perform an ordinary credit evaluation. 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 through climatesmart savings. Good for you and the planet, ultimately achieve a more sustainable lifestyle.

What is the Doconomy business model?

Doconomy will earn revenue through our mobile banking service – on savings, transaction volumes 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. We will over time review the possibility to expand our offering also into other segments. 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. No other banking service today, offers the possibility to share responsibility for our planet between consumers, producers and retailers and no other bank has climate action as it's core business. It's our vision, mission and higher purpose.

Will Doconomy expand abroad?

Where there is climate change, there is a need for our services. 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?

We manage our business responsibly with people and planet in mind. We exist to create value for our customers/users, partners, employees, owners and the wider society. Our business model is all about futureproofing planet earth and achieve a sustainable lifestyle for all. Our ambition is to be 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.

DO App

What is DO?

DO, by Doconomy, is an easy-to-use mobile banking service. Actually the world's first banking service to manage your personal finances and your everyday climate action. DO helps you to easily manage your consumption and savings to achieve a sustainable lifestyle. DO will help you save money and make a positive impact on people and the planet. 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.

Do I have to change bank to use DO?

No, you do not have to change bank to use the banking service DO. When downloading the app and upon your first entry, you will be asked to connect your DO account to your salary account with your ordinary bank. DO is a complementing service to your ordinary bank, it is easy to connect and start using our services. Downloading and using the app is free of charge. You pay a competitive fee for using the DO-card, for investing in funds and a minor administration fee for your climate compensation. It is also free of charge, on the contrary, it is benefical for you to redeem DO-credits from our retail partners.

What is the DO card?

It’s a credit card! As with any other credit card, you can use it for your monthly consumption, and pay off the bill in the end of the month. If you need extra credit, you can also use the credit you applied for. We will present the terms for the DO-card in early 2019. 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. You will be able to track your footprint in the DO app. The DO-card is climate-friendly, bio-sourced and printed with Air Ink from recycled air pollution. The payment network behind the card is Mastercard.

How do you measure my specific CO₂ footprint?

The DO app tracks your CO₂ footprint, when you use your DO-card that is powered by the Åland Index. The Åland Index is an innovation by the Ålandsbank, introduced through a collaboration with for instance Mastercard and KPMG in 2016. The index calculates the impact of each card transaction based on merchant category codes, financial markets data (provided by ThomsonReuters) as well as environmental data (provided by Sustainablytics). The index also uses the World Bank social cost of carbon, amounting to 90 EUR/ton. You will be able to track your carbon footprint in both kg and moneywise in the app.

What is a DO credit?

We have created an ecosystem where we connect consumers, retailers and producers. To take responsibilty, partners will be able to provide consumers with DO-credits, based on the climate 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. DO users can redeem the DO-credit in the app and either climate compensate or invest in sustainable funds.

When and how can I use DO?

We are currently developing and testing the DO-app and the DO card is in the making. The app launch is planned to early 2019 and the DO card will be introduced later in spring. Sign up today, and we’ll keep you updated on how we are getting on and when you will be able to download the app and apply for your DO-card.

Do I have to be over the age of 18 to use DO?

You have to be over the age of 18 and initially be a Swedish resident to become a DO member and use the app. We will perform a traditional credit evaluation when you apply for the DO-card. Everyone, >18 years, 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 their 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. By financing UN certified emission reductions and/or Gold Standard projects, you 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 goals (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 know 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 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. We will, over time, add more unique products to the platform.