Sustainable investment fintech Clim8 shutters
Sustainable investment fintech Clim8 is shutting down and has begun the process of closing customer accounts.
Clim8 closes down
Citing “dramatic changes” across the economic environment such as rising inflation, combined with a lack of appetite to invest in start-ups, Clim8 says it has been unable to secure further venture capital to continue operating.
“Over the last few months we have pursued a number of strategic options and had a range of good interest, however we have not been able to secure a positive outcome from any of these avenues,” writes Clim8 CEO and founder Duncan Grierson.
Set up in 2019 to democratise sustainable investing and combat greenwashing in financial services, Clim8 wanted to offer “a better product” for climate-conscious investors, but trying to disrupt an industry is “a big mountain to climb”, Grierson says.
The fintech says it is working with customers to ensure they transfer or withdraw their funds before 30 May. The firm has also partnered with account custodians WealthKernel to ensure customers’ funds remain protected throughout the winding down process.
Additionally, Wealthify is offering former Clim8 customers “a welcome bonus” when moving their portfolios to the company’s Ethical Plans, which aim to invest sustainably and exclude industries that are harmful to society and the environment. Clim8 says it will receive a small fee for any customer transferred.
