FinTech News
Karma Wallet Announces Acquisition of DoneGood Marketplace
An eco-conscious FinTech is adding a sustainable shopping marketplace to its offerings via an acquisition.
About the acquisition:
This week, Karma Wallet announced that it had acquired DoneGood. Terms of the deal were not disclosed. However, as a result of the purchase, DoneGood will be integrated into the Karma Wallet ecosystem, simplifying the sustainable shopping process.
According to Karma Wallet, the acquisition of DoneGood will further empower consumers to make positively impactful purchasing decisions. Meanwhile, DoneGood shoppers will now be able to access Company Rating and gain insights about their purchases.
With the acquisition, DoneGood will now also be featured in Karma Wallet’s upcoming memberships program. These memberships will include a Karma Wallet debit card, which will allow cardholders to earn up to 20% cashback at select merchants. On top of that, when cardholders use their card to buy gas, the company will donate to reforestation and, when used for dining, Karma Wallet will donate to hunger alleviation. As for DoneGood, members will be able to earn up to 10% cashback on DoneGood purchases made using the Karma Wallet app and can also enjoy free shipping when using the Karma Wallet Card.
About Karma Wallet and DoneGood:
Karma Wallet is a FinTech, a Certified B Corporation, and a participant in the 1% for the Planet program. The platform’s goal is to give consumers the tools to live more sustainably and reduce their carbon footprint — while also influencing their shopping habits via cashback offers and rewards.
DoneGood is an online marketplace featuring more than 100 brands. Each of these brands is vetted by the platform to ensure that they meet certain ethical and sustainable practices.
What they’re saying:
Commenting on the acquisition, Karma Wallet co-founder Kedar Karkare, PhD said, “As a family-founded company, DoneGood resonates deeply with our core values. We started Karma Wallet with the vision of integrating ethical choices into everyday finances, and this is a significant milestone on that journey.”
Additionally, DoneGood’s CEO Cullen Schwarz noted, “We’ve always believed that the dollars people spend can be the world’s most powerful force for change. When consumers demand products made with living wages and climate change-fighting practices, the market supplies more living wage jobs and products that fight climate change” Schwarz added, “Karma Wallet shares our belief in that theory of change. We believe our alliance with Karma Wallet can now help far more people wield their purchasing power even more effectively.”
My thoughts:
From what I’ve read, it seems as though the merging of DoneGood into Karma Wallet will be a positive development for both brands as their missions are clearly aligned. On the business side, being able to offer DoneGood perks certainly helps bolster Karma Wallet, its debit card product, and its membership plans.
With Aspiration setting its sights on offering carbon credits rather than on consumer-facing financial products (although it does still have checking and savings accounts for now), I think Karma Wallet is now the Earth-friendly FinTech to watch.
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