Zero app launches, offers green financial solutions

Zero, a sustainable money app and debit card, is now widely available under e-Money regulations, providing a personal current account and environmental insights for climate-conscious consumers.

The app, certified as a B Corporation, had a two-month early adopter phase during which over 5,000 individuals registered for access. This launch is accompanied by a Seed extension funding round through the crowdfunding platform Crowdcube.

Zero has partnered with suppliers such as Mastercard, Transact Payments, and Integrated Finance to design its product to meet the preferences of the UK's 11 million climate-conscious under-35s. This design aims to enable users to align their financial activities with environmental values.

Zero offers a 95% recycled plastic debit MasterCard, which can be used internationally without additional ATM or point-of-sale charges. Moreover, its app features the GreenScore, a tool quantifying the environmental impact of users' spending. Users can link other accounts via Open Banking to evaluate their spending across different platforms.

GreenScore differs from traditional carbon calculators by providing a numerical representation of a user's carbon footprint, which will be refined over time to improve accuracy. The app offers educational resources and solutions for consumers to reduce their carbon footprint through personalised insights and recommendations.

Zero's expansion plans include launching Apple Pay and Google Pay in the coming months. Cofounder Richard Theo, who founded Wealthify and Fintech Wales, notes the importance of making money a force for good on the planet.

"Our vision is a world where money is a force for the good of the planet. Where money will never be used for anything that's harming the planet such as fossil fuel production or deforestation," Theo stated. He also emphasised the gap between digital banking features and sustainability, which Zero aims to address.

The company has also introduced a Community Share Option Scheme, through which 20% of the business value is shared with customers. This is designed to foster a community of climate-conscious individuals and enhance collective action against climate change.

Zero may consider applying for a full UK bank licence in the future, which would allow the introduction of sustainable lending products. The company's commitment to ethical finance is reflected in research by Opinium, indicating that 61% of people believe banks should contribute positively to climate change. However, only 42% feel their banks are committed to this cause, highlighting a societal demand that Zero intends to meet.