Green neobanks: what if the bank of tomorrow was already within reach?

What if the rise of “green” neobanks reflects a change of mentality in the financial sector? It's true, consumers are increasingly seeking to align their personal values with their economic choices. This is confirmed by a growing demand for products and services that incorporate environmental and social criteria.

This is the choice savers are making to better manage their money and, why not, see the bank of tomorrow emerge from a new angle.

Young people make the most of their political and ecological commitment

Neobanks appeal mainly to young people, and ecology has become a priority for many of them. That's why "green" neobanks are springing up everywhere. Instead of simply offering free transactions or insurance, they allow you to contribute to environmental causes, such as planting trees.

Take Bunq, a neobank based in the Netherlands, for example. For €17.99 a month, you can subscribe to the Easy Green offer. The principle is simple: you get a bank card, an account, and, best of all, for every €100 you spend, a tree is planted. It's a great idea for helping the planet, although the subscription is quite high, especially for young people on a tight budget. Above all, it's much more expensive than a traditional bank.

However, thanks to a partnership with Eden Reforestation Projects, which operates in Madagascar, Nepal, Haiti, Indonesia, Mozambique, and Kenya, Bunq users have already planted over 17 million trees in areas where they are most needed.

Calculate your footprint more accurately

Another dimension of "green" neobanks is their ability to make consumers aware of their carbon footprint. Neobanks such as Hélios and Green-Got, based in France, take the initiative of estimating their users' carbon footprint based on their bank statements. This enables customers to become aware of their environmental impact and consumption habits and to take steps to reduce it.

With 327.1 million euros worth of transactions in 2023, and 26,000 tonnes of CO2 avoided or stored, Green Got is optimistic about the company's future, as its results are rather encouraging. It's a small drop in the ocean of global finance, but a first dive into the deep end.

Financing sustainable projects, a way to spend better

Another big question concerns the investment of your money. Whether you spend it through traditional banks or save with them, where does it go? With neobanks like Hamburg-based Tomorrow, the answer is obvious: you can choose where your money is invested.

The catchphrase of this German bank is: "Banking shouldn't cost the world". Tomorrow promises to select projects to support the climate in developing countries. In total, over 139.5 million euros have been invested in sustainable projects.

Last but not least, neobanks such as Revolut, which is already very popular, allow you to make donations to environmental associations. It's a great initiative that shows that every little gesture counts.

Perhaps then, while the offerings of green neobanks aren't perfect, they are moving in the right direction. By taking the lead in raising consumer awareness of the importance of ecology and altruistic projects, green neobanks are encouraging more sustainable practices.

Already a victory for those who want to contribute to a better future for our planet.

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