Leeds-based green banking platform, Tred, is winding down, with the business pointing to recent changes to financial regulations around Authorised Push Payment Fraud as the reason, significantly impacting smaller disruptors, which the firm is not equipped to sustain.
Tred was founded to tackle a lack of actors in the financial sector using their power for good.
Focusing on business accounts and making money greener, the business offered current accounts that drive “growth and impact” with every payment on Tred debit cards leading to the donation of a portion of funds to reforestation projects.
Tred also avowed that clients’ money would never be invested into industries that fund climate change, cutting business’s carbon emissions.
In a statement on LinkedIn, the business shared: “This isn’t the post we ever wanted to write, but today we’re sharing the sad news that Tred will be winding down. After four amazing years, countless lessons, and an incredible journey, it’s time to close this chapter.
“When we started Tred, we had a simple mission: To make money work for the planet, not against it. From launching fossil-fuel-free accounts to raising awareness of the hidden carbon impact of finance, we’ve been part of some amazing conversations and moments of change.
“Recent changes to financial regulations around Authorised Push Payment Fraud (APPF) have significantly impacted smaller disruptors like Tred, which we simply aren’t equipped to sustain.
“But luckily, we wouldn’t change the journey for the world! We’ve been part of something amazing and built something groundbreaking with an incredible team of passionate, talented people. We couldn’t be prouder of what we’ve achieved together and the community we’ve built.
“To everyone who supported us along the way, our team, our customers, and everyone who believed in Tred’s mission, thank you.
“This is the end of Tred, but it’s far from the end of the fight for sustainable finance. The mission continues, and I know that the seeds we’ve planted will grow into something even greater.
“Let’s keep pushing for a greener, fairer future.”