UK green fintech startup Tred is to wind down its business, blaming the shutdown on new reimbursement rules on authorised push payment fraud.
Launched four years ago, the Leeds-based startup built a carbon tracking debit card and app, allowing users to monitor the environmental impact of their spending while providing personalised recommendations for reducing their carbon footprint.
In 2021, Tred secured £1 million through a Crowdcube raise, followed by an additional £600,000 crowdfunding round the next year.
The winding up comes just four months after the firm received investment from Stroud-based green energy firm Ecotricity, founded by millionaire Labour donor Dale Vince.
Explaining the decision, Tred co-founder Will Smith says: "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."
Introduced in October, the new APP fraud rules pushed through by the UK's Payment System Regulator mandate all firms to reimburse fraud victims up to a maximum of £85,000.