Doconomy will incorporate Dreams Technology’s proprietary platform to boost banking consumer’s digital engagement and financial wellbeing. Furthermore, it will extend Doconomy’s portfolio, which will include modules for climate smart savings, debt management and investments.

The purchase signals the climate tech’s intention to bridge the intersection of behavioural economics and climate impact.

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CEO and Co-Founder of Doconomy Mathias Wikström said: “Doconomy and Dreams Technology are a perfect match! Both companies are built to motivate and shape behaviours in an innovative way that is key to sustainable and lasting change.

“The acquisition will allow us to embed the unique methodology Dreams Technology has built over the years together with their suite of proven products. This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results. We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero – making every transaction count for both people and the planet.”

Financial wellbeing in banking

In a research paper by Angela Druckman and Tim Jackson, household consumption is responsible for 72% of global emissions.

Doconomy partners with banks, payment companies and fintechs to inform cardholders about the carbon footprint of their purchases. Dreams Technology is a banking platform seeking to change consumer behaviour by advising on financial wellbeing.

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In an interview for Retail Banker International, CEO and Co-Founder of Dreams Technology Henrik Rosvall said his company aims to create “deeper and more valuable relationships between banks and customers”.

In response to the deal signed with Doconomy, Rosvall said: “By joining forces with Doconomy, we see a substantial opportunity to promote financial wellbeing and climate action at scale with the first holistic offering in the market.

“It’s a match made in heaven using innovation and behavioural expertise to empower banks in their journey from transaction engines to global change agents.”