This article originally appeared in the September/October 2024 issue of Startups Magazine. Click here to subscribe

Spearheaded by Oli Cook, CEO and Co-Founder, ekko is embedding sustainability into every payment transaction and creating a world where even the smallest of actions can have a ripple effect, or an "ekko," that contributes to a more sustainable future.

Background and journey

Oli’s journey into sustainable fintech stems from his experience in f inancial services, where he spent over 17 years building commercially viable products at major institutions like HSBC. Yet, his drive to make a broader impact led Oli to the startup world where he sought to combine profitability with purpose.

Oli and his co-founders recognised that businesses could effectively combine sustainability with consumer engagement and revenue generation.

“ekko has come from a world of [businesses] trying to embed sustainability with propositions that consumers love … which is important, but even more importantly, have an actual, real impact on the world.”

The ekko effect

The core philosophy of ekko revolves around the idea that even the smallest actions can lead to significant positive changes – a concept encapsulated in the company's name.

“We fundamentally believe the power of transactions. That one moment when you're buying something … If we can make that moment a moment where you understand [you can] have an impact … and how that [impact] can echo around the world.”

Driving consumer awareness

ekko’s approach to sustainability is twofold – raising awareness and empowering action.

“We are a B2B2C business … Wherever there is money flow, you have an opportunity to engage a consumer about the impact of what that money f low is doing and to do something about it.”

Through its technology, ekko provides consumers with real-time insights into the environmental impact of their purchases and offers them the tools to offset this impact.

“When there's a transaction or interaction, we start with knowledge – [we] tell you about the impact of what you’re doing … and then the action, how can I help you reduce your impact? [and] make better choices?”

Standing out from the competition

In a crowded fintech market, ekko differentiates itself by offering a highly customisable platform that can be deployed quickly and efficiently.

This agility, combined with the platform’s ability to generate revenue, makes ekko a compelling proposition for businesses looking to integrate sustainability into their operations without compromising on profitability.

“We want to get rid of the world of ‘sustainability cost money’ … if we are going to change the world, we have to accept the fact that, for a large amount of people, there needs to be financial returns to make that happen.”

ekko’s commitment to sustainability is further reinforced by its partnerships with leading organisations in the environmental sector.

“We’re really exclusive about who sits on our impact platform ... We work with the best [organisations] … Part of our role is to make sure that money [from consumers or businesses] goes to the highest quality impact, and it can be traced. Consumers can see what happens with it … they have traceability, they know the impact.”

By collaborating with experts in areas like plastic conservation and reforestation, ekko ensures that the funds it channels into sustainability initiatives are used effectively and transparently.

Evolving ekko

Whilst conceptually the idea of ekko hasn’t changed, the company has continuously evolved to meet the changing needs of its clients and the market.

“We launched with a consumer card first … proving the theory works, but as we evolved, we thought, ‘Well, that's one part of the business, but there are other parts’ – evolving it into point of sale devices, which wasn't our original thesis, is actually an incredible opportunity.”

This adaptability has allowed ekko to expand its reach and impact, moving beyond its initial offerings to include a wide range of products and services that cater to diverse business needs.

Building a purpose driven company

At the heart of ekko’s success is a strong, purpose-driven culture that resonates with its team and customers alike.

“I come from a world where, sometimes, the more money you make, the worse you become … But here, the better job you do, the better the world is.”

This ethos has helped ekko attract a team of passionate individuals who are committed to making a positive impact on the world.

However, building a purpose-driven fintech company has not been without its challenges, fundraising in particular has been a challenge, but Oli stresses the importance of finding the right people to help you on your journey.

“Fundraising is hard … finding the right people, it's hard … but taking the time to find the right people is a massive part of what you need to do when you're building and scaling.”

ekko has done various funding rounds, including family and friends, crowdfunding, and seed rounds. And though raising funds is never easy, ekko’s success lies in its ability to stay true to its mission with the backing of the right people.

Standing out – full CSO autonomy

A key aspect of ekko’s commitment to sustainability is its Chief Sustainability Officer (CSO) Majda Dabaghi, who has been advising the company for years before taking on the role.

“We have a Chief Sustainability Officer who actually has real weight in the organisation … Her role with us means she can have veto rights on anything we do – it protects us and our clients to make sure that we’re doing the right thing.”

This level of autonomy ensures that ekko remains accountable to its sustainability goals and sets it apart from other fintech companies.

The very core of ekko is helping to create a world where every purchase can contribute to a better future. ekko is a fantastic example of one company’s journey to make the world a better place, one transaction at a time.