Sustainability-focused fintech Karma Wallet has acquired DoneGood, an e-commerce marketplace renowned for promoting sustainable brands. This acquisition comes as Karma Wallet prepares to introduce its prepaid card offering later this month.
Established in 2008, DoneGood operates an e-commerce platform featuring brands committed to sustainable practices, such as fair wages and renewable energy sources. Similarly, Karma Wallet utilizes its data platform and rating system to provide consumers with insights into the social and environmental impact of companies across various sectors, using the United Nations’ Sustainable Development Goals (SDGs) as a benchmark.
The integration of DoneGood into Karma Wallet’s upcoming card and membership program is expected to provide members with enhanced benefits. This includes a Visa prepaid debit card issued by Pathward, with purchases made through the DoneGood marketplace eligible for up to 10% cashback and free shipping.
Furthermore, rewards will extend to purchases made outside the marketplace, with Karma Wallet pledging to donate to anti-deforestation causes with every fuel-related purchase, and to hunger alleviation efforts when members pay a bill at a restaurant.
Overall, this integration aims to provide Karma Wallet members with insights into sustainable brands and a convenient way to support these brands through their purchases.
Kedar Karkare PhD, co-founder of Karma Wallet, emphasizes the fintech’s commitment to integrating ethical choices into everyday finances. He views the acquisition of DoneGood as a significant milestone in realizing this mission.
Source: fintechfutures.com
