Readability AI has introduced its acquisition of Sustainability-as-a-Service fintech ecolytiq. Phrases of the transaction weren’t disclosed.
The acquisition will add to Readability AI’s suite of sustainability options and improve the agency’s skill to embed sustainability intelligence into monetary decision-making.
ecolytiq launched itself to Finovate audiences in 2021 as a part of our builders convention FinDEVr.
German Sustainability-as-a-Service innovator ecolytiq has agreed to be acquired by Readability AI. The corporate helps monetary establishments, public organizations, and people enhance sustainability by calculating the environmental impacts of cost transactions. Phrases of the acquisition weren’t instantly obtainable. As a part of the acquisition, Visa—which has had a longstanding strategic partnership with ecolytiq—has turn out to be an investor and strategic associate of Readability AI.
“ecolytiq was based with the concept banking is usually a highly effective catalyst for local weather motion,” ecolytiq Co-Founder and Managing Director David Lais stated. “The mission has all the time been to empower people to drive constructive local weather affect at scale via their on a regular basis buying selections. By becoming a member of forces with Readability AI, we’re taking that imaginative and prescient to the following stage—combining our behavioral science-based local weather engagement expertise with a world-class, AI-driven sustainability platform. Collectively, we’re accelerating the transition to a greener future—powered by the very best obtainable information and backed by objective.”
The acquisition will convey extra local weather engagement expertise to Readability AI’s platform, which is designed to embed sustainability intelligence into decision-making at scale, turning advanced information into actionable insights that help accountable consumption and funding. ecolytiq’s expertise leverages behavioral science to investigate transaction information in real-time and quantify environmental impacts. This info is delivered as high-impact sustainability content material that has helped encourage climate-positive exercise for hundreds of thousands of shoppers and companies all through Europe and past.
Readability AI Founder and CEO Rebeca Minguela known as the acquisition “a declaration of intent,” noting that ecolytiq’s platform “aligns completely with our mission to embed sustainability intelligence into each choice—from multi-billion-dollar portfolios to on a regular basis purchases. Collectively, we’re setting a brand new normal for a way monetary establishments have interaction prospects with information that drives significant change.”
Acknowledged by Forrester as a Main Supplier within the subject of sustainability intelligence, Readability AI serves a community of purchasers managing a mixed $70 trillion in property. These purchasers embrace firms comparable to Invesco, Nordea, Lazard Asset Administration, and Santander. From its inception in 2017, Readability AI has put AI expertise to work to help its suite of information options, analytics capabilities, and instruments for portfolio administration, company analysis and engagement, regulatory reporting, on-line banking, and extra. Headquartered in New York, Readability AI maintains workplaces in Europe and the Center East, as nicely.
Headquartered in Berlin, Germany, and based in 2020, ecolytiq has teamed up with the likes of Mashreq, HSBC, and Piraeus—in addition to with fellow Finovate alums like Tink and TSYS—to supply options that assist people and organizations perceive the affect of their transactions on the surroundings and make changes to decrease their carbon footprint. A Licensed B Company, ecolytiq has roughly 14,500 monetary establishment purchasers worldwide.
Picture by Aaron Burden on Unsplash
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