Tred, a sustainability startup behind green debit cards, is to wind down despite raising investment just four months ago.
The Leeds business was founded by university friends Peter Kirby and Will Smith four years ago to track users’ carbon footprints with the aim of tackling climate change.
Dale Vince鈥檚 energy firm Ecotricity provided its most recent funding.
Kirby told us in early 2022 that Tred, which also raised money via crowdfunding – hitting their target 90 minutes after going live – represented the Durham University graduates’ 67th business idea together.
Smith cited changes to rules on push payment fraud as to why the business was no longer able to keep running.
鈥淓ndings are hard, but the Tred journey was incredible,” he wrote on LinkedIn. “This isn鈥檛 the post we ever wanted to write, but today we鈥檙e sharing that Tred will be winding down. After four amazing years, countless lessons, and an incredible journey, it鈥檚 time to close this chapter.
鈥淩ecent changes to financial regulations around Authorised Push Payment Fraud (APPF) have significantly impacted smaller disruptors like Tred, which we simply aren鈥檛 equipped to sustain.
鈥淲e鈥檝e been part of something amazing and built something groundbreaking, with an incredible team of passionate, talented people. We couldn鈥檛 be prouder of what we鈥檝e achieved together and the community we鈥檝e built.
鈥淭his is the end of Tred, but it鈥檚 far from the end of the fight for sustainable finance. The mission continues, and I know that the seeds we鈥檝e planted will grow into something even greater.鈥�
The new rules, aimed at reducing financial harm to consumers, include a 拢100 excess on fraud claims and 拢85,000 cap on reimbursement payments.
Kirby added: 鈥�When we started Tred, we had a simple mission: to make money work for the planet, not against it.聽
鈥淔rom launching fossil-fuel-free accounts to raising awareness of the hidden carbon emissions of most high-street banks, we鈥檝e been part of some amazing conversations and moments of change.
鈥淚鈥檒l be reflecting more about these regulation changes in the coming weeks.
鈥淟et鈥檚 keep pushing for a greener, fairer future.鈥�