Marqeta partners with Zero for eco-friendly UK finance app

Modern card platform Marqeta has announced its partnership with Zero, a new UK finance app aimed at climate-active 18-34-year-old Gen-Z and Millennial consumers. Zero intends to launch a card, a personal current account, and an app. The app aims to educate customers on their consumption and environmental impacts, offering solutions to make reductions through personalised insights and actionable recommendations.

Zero's CEO and co-founder, Richard Theo, outlined the company's vision: "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 isn't getting us to net zero as fast as possible."

Comprehensive delivery partnerships were established before Zero's launch later this year. These partners include Mastercard for debit card schemes, Transact Payments as a BIN Sponsor and e-money issuer, Flagright for transaction monitoring, Marqeta as the transaction processor, TAG Systems for card manufacturing, Onfido handling identity verification, Kani for reconciliation, and Plaid for open banking connectivity.

COO David Craven highlighted the importance of these partnerships: "We're delighted to have secured partnerships with this impressive list of organisations. Choosing the right partners is crucial for success. Zero has selected those that share in our mission and vision, as well as enable us to offer a best-in-class product and experience to our end-users."

Zero also plans to apply for a full UK banking licence, which would enable the introduction of a range of sustainable lending products in the future. Meanwhile, the app, under e-money regulations, will focus on sustainability by providing tools to help users understand and reduce the environmental impacts of their spending and lifestyles.

The company is supported by a diverse team with extensive experience across fintech, banking, payments, and sustainability sectors. Zero's advisory group includes 24 angel investors, entrepreneurs, founders, and CEOs. The fintech firm completed a seed funding round in 2023 backed by notable investors such as the Development Bank of Wales and is currently in the process of raising a Seed Extension funding round.

Zero is attempting to attract around four million climate-conscious young adults in the UK. This target group is called "Gen Zero" due to their active engagement with climate change issues. By analysing customers' spending data, the app seeks to identify lifestyle areas contributing to climate change, thereby educating users on their consumption habits and suggesting ways to make reductions. According to Theo, Zero aims to "fill a much-needed gap between best-in-class digital finance features and effortless sustainability."

Furthermore, Zero is pioneering a "Community Option Scheme," a customer ownership model through which the company plans to share 20% of its business value with its customers, emphasising collective action and community involvement in sustainable finance.