Florida-based Climate First Bancorp has purchased Ecountabl, a climate and social justice fintech platform that analyzes ESG data from more than 10,000 companies to help customers track how their purchases align with their values.
The purchase, which closed Oct. 31, is meant to strengthen the capabilities of Climate First’s OneEthos digital banking fintech.
“One of our top priorities at Climate First Bank is to give our customers the tools they need to become more sustainable,” said Climate First CEO Ken LaRoe. “This acquisition will enable our customers to shop smartly at places that align with their values, ultimately improving their personal carbon footprint and furthering our goal to fight the climate crisis.”
Ecountabl founders Andy Burr and Justin Bretting aimed to enable financial institutions to better serve customers looking to shop and bank in a way that aligns with their values.
“It struck us as strange that Wall Street investors have access to company social and environmental data to help make financial decisions, but millions of consumers that care deeply about issues like climate change, gender parity and racial justice lack that same access,” Burr said.
Burr and Bretting joined the OneEthos team as chief growth officer and chief technology officer, respectively, following the acquisition. That “ensures the technologies we built will have a positive impact in the world,” Burr said.
OneEthos already provides Climate First Bank with mission-aligned fintech solutions, including financing for climate-positive technologies, online and mobile banking and climate performance measurement and reporting. Climate First Bank this year began using OneEthos’ digital solar lending platform, which brought the bank to more than $200 million in assets and more than $140 million in loans over 12 months.
Burr said that he’s hopeful that as Ecountabl integrates with OneEthos, there will be future opportunities to serve other banks by enticing values-driven customers in the same way.
Climate First Bank customers will be able to use Ecountabl in 2023.