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Personal Finance Meets Climate Change with Karma Wallet

What the company does

Karma Wallet, the “eco-friendly Mint”, empowers consumers that link their credit cards to the platform with data around the sustainability impact of their shopping. They gather data from 30 sources to rate companies and quantify impact. Users see the scores of brands they shop with, explore brands, then earn cashback.

The Current Landscape

Personal finance technology is growing rapidly, transforming the economy and the way global consumers (especially millennials and Gen Z) spend and save. Now it has a sustainable twist with startup Karma Wallet. Despite being in a growing industry, there are no directly competitors to Karma Wallet. Now more than ever, younger demos want to have financial literacy, understand how to manage their money, and do it without archaic institutions that slow down the process. Companies like Cleo and Mint make understanding money simple. Karma Wallet does the same, but provides the sustainability element – which younger demos are drawn to in the face of climate change.

Company Birth Story

Founded by father-son duo Jayant and Kedar Khadilkar, Karma Wallet was built off the question, “How can you be a conscious consumer when you can’t measure or verify your choices?” While more than three- quarters of consumers prefer to transact with companies aligned with their values, only one-quarter actually do it. Karma Wallet closes that gap. Kedar had a background in data science, and Jayant has a background in entrepreneurship – and thus Karma Wallet was born.

The Solution

Sustainability isn’t a trend – it is a future that businesses and individuals alike are headed towards. Karma Wallet makes it simple to create positive impact through their data-driven tech platform that empowers individuals to be conscious consumers, and businesses to embody corporate responsibility and sustainability initiatives. Their tech doesn’t stop at the individual. The Karma Wallet Environmentally-Friendly Employer Program (KEEP) provides employers and businesses with an easy solution to extend their company sustainability values to their employees in and outside of the workplace. Long term, Karma Wallet sees a potential integration with banks and credit unions, letting their users track the sustainability impact of their spending.

A founder quote

“Karma Wallet helps consumers change their habits. This demonstrates to corporations that people want sustainable goods and services. This movement will put pressure on the corporations to create meaningful change.” – Jayant Khadilkar

“People want to support conscious companies, but don’t – and it’s because they don’t have the tools to do it. What we’ve created is a bridge between intention and action, to help consumers move from thinking about doing good to actually doing good.” – Jayant Khadilkar

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