Most people don’t realize it, but your money has a carbon footprint — and it’s bigger than you think.

While you’re trying to make sustainable choices in your daily life, your bank could be quietly undoing your progress by financing fossil fuels behind the scenes.

That’s where GreenFi comes in. We’re not just a banking app. We’re a climate action platform — one that helps you automatically reduce your carbon footprint through the way you spend, save, invest, and give. And in 2024, our members not only moved their money to GreenFi, they helped move the needle on climate change, too.

Together, we planted trees, avoided emissions, protected forests, redirected spending, and invested in a cleaner economy. And we did it not just through our members’ everyday actions, but through how we operate as a company.

This report is a look at what your money accomplished in 2024 — and how GreenFi helps turn your daily financial choices into a force for environmental good.

Why Banking Might Be Your Biggest Climate Decision

Most people think of carbon footprints in terms of driving or air travel. But the truth is, the bank you choose could be one of the most powerful climate decisions you make.

That’s because big banks use your deposits to fund oil pipelines, coal plants, and deforestation-linked infrastructure. And they do it with your money — without your permission .

Figure A.1. Comparison of the climate actions an individual can take and their impact on reducing the individual's personal carbon footprint.

In fact, research shows that switching to a fossil-fuel-free bank can be more impactful than giving up flying, going vegan, or buying an electric car.

When you bank with GreenFi, your deposits never support fossil fuel projects — and that’s just the beginning.

How GreenFi Makes Climate Action Easy

GreenFi helps members fight climate change without changing their entire lives. We turn everyday financial actions into climate-positive outcomes. Here's how:

Fossil Fuel Free Deposits

Traditional banks lend your money to fossil fuel projects. GreenFi never does.

Instead, we partner with fossil-free financial institutions to keep your deposits clean, and monitor them to make sure they uphold this promise.

2024 Banking Impact:

• Nearly 38,000 tonnes of CO₂e emissions avoided from fossil fuel free banking*

• Equivalent to avoiding the emissions of nearly 42 million pounds of coal (see calculation details here)

Plant Your Change: Combating Deforestation

Every time a member uses our Plant Your Change round-up feature, we round up your debit card purchase and use that money to help plant a tree.

It’s one of the simplest ways to make a meaningful difference — and in 2024, it added up to real impact in communities and ecosystems around the world.

You can see the latest data on our tree planting efforts here.

2024 Plant your Change Impact:

• Over 4.3 million trees funded*

• Planting in Kenya and Haiti prioritized both climate resilience and local livelihoods

Our Projects: Restoring Ecosystems and Empowering Communities

Kenya: Coastal Mangrove Restoration

In coastal Kenya, we are focused on one of the most effective nature-based climate solutions on Earth: mangrove restoration. These unique coastal forests are powerhouses of carbon sequestration and biodiversity.

Our projects in the region:

• Sequester immense amounts of carbon, with each mangrove tree capturing an estimated 0.31 tonnes of CO₂ over its lifetime.

• Protect coastlines from erosion and storm surge, safeguarding communities and infrastructure.

• Empower women as leaders in conservation. At our partner sites, 58% of all staff members and 80% of tree nursery participants are women, creating vital income and leadership opportunities.**

As one tree planter from our local implementation partner shared, “I've learned valuable skills, contributed to environmental restoration, and improved my family's well-being.”

^This is the impact we strive for—where healing the planet also uplifts its people.

Mangrove restoration fights climate change, rebuilds ecosystems, and creates jobs. Planting sites are verified using geospatial monitoring techniques to determine survival rates and improve processes over time

Haiti: Agroforestry for Food Security and Resilience

In Haiti, we're partnering with veritree to implement agroforestry projects that restore degraded landscapes and build economic resilience.

Working with local farmers and women-led cooperatives like Fanm Limyè, we are reintroducing native and fruit-bearing species such as mango, cashew, and cacao to the West and Nippes regions.

These efforts help:

• Boost food security and increase crop yields through improved pollination and soil health. Agroforestry systems can retain up to 53% more nitrogen in the soil.

• Create new economic opportunities, particularly for women, through training, savings cooperatives, and the production of artisanal goods like honey.

• Provide consistent work, generating 20 workdays for every 10,000 trees planted in areas of extreme poverty.**

Agroforestry projects in Port-au-Prince, Haiti are helping rebuild local communities, reforest areas, and creating food and honey as a product for small business owners in the community

Green Marketplace

When you shop with GreenFi, your spending becomes a climate statement. Launched in September 2024, the Green Marketplace helps you shift your everyday purchases toward more sustainable, ethical brands — and rewards you for it.

2024 Green Marketplace Impact:

• $400k+ in purchases redirected to vetted climate-conscious companies*

• Supported the circular economy and low-impact production across industries

We built the Green Marketplace to make climate-conscious shopping easier, clearer, and more rewarding. Every brand in the marketplace is reviewed and selected based on a transparent, rigorous framework that assesses their environmental impact, business ethics, and product lifecycle.

Our brand selection process includes:

• Lower-carbon products like using recycled or regenerative materials in products

• Climate solutions that help the world decarbonize like electric vehicle charging

• Third party commitments and certifications like being a Certified B Corp, The Climate Label Certified, or a 1% for the Planet member organization

• Climate transparency and commitments like disclosing emissions and setting targets to reduce emissions

We don’t ask brands to be perfect — we ask them to be purposeful, transparent, and committed to progress.

From biodegradable cleaning supplies to upcycled fashion to low-waste personal care, GreenFi members are finding climate-aligned alternatives to the things they already buy — and earning rewards for making the switch.

GreenFi members earn cash back at 150+ brands and 65,000+ EV chargers in the Green Marketplace

Planet Protection: Helping Tackle Your Car’s Carbon Footprint

Not ready for an EV? No problem.

With GreenFi’s Planet Protection feature, you can neutralize the emissions from your gas-powered driving — automatically. We estimate your mileage from card purchases at the pump and offset those emissions through carbon credit projects that not only reduce CO₂, but also uplift communities.

2024 Planet Protection Impact:

• Over 13,000 tonnes of CO₂e emissions offset *

• Equivalent of over 33.5 million miles of driving neutralized (based on the U.S. EPA equivalency calculator)

Our Projects: Restoring Ecosystems and Empowering Communities

Improving Grasslands in Northern Kenya

In the arid lands of Samburu County in Kenya, traditional pastoralist communities are working to restore degraded rangelands through rotational grazing and sustainable land management. This project helps revive native grasses, improve water retention, and remove carbon from the atmosphere by rebuilding soil health.

But the impact goes beyond climate:

• Protects traditional ways of life for Indigenous herding families

• Reduces conflict over dwindling grazing areas

• Restores habitats for local wildlife, including elephants and antelope

“We are not just removing carbon. We are restoring balance to the land,” says a Samburu elder featured in the project’s community storytelling series.

A herder and his cattle in Northern Kenya

Building Renewable Wind Power In India

This wind project in Gujarat, India generates clean electricity in a rapidly industrializing region of western India. By replacing fossil-fuel-derived energy with renewable wind power, it prevents emissions from entering the atmosphere in the first place.

Beyond emissions avoidance, the project brings:

• Clean energy access to surrounding rural villages

• Job creation in construction and long-term maintenance

• Health co-benefits by reducing air pollution in nearby communities

These projects are carefully selected for their climate integrity and co-benefits, meeting rigorous verification standards and aligning with GreenFi’s mission to create impact at every level.

Recycled Plastic Debit Card

Most banks overlook the climate impact of the physical products they send you. At GreenFi, even our debit card is part of our climate solution. It’s one of the only physical items we produce — and we’ve intentionally designed it to shrink its footprint.

In 2024, standard members receive a card made with recycled plastic while Plus members receive a premium version made with recycled ocean-bound plastic. By using recycled materials instead of virgin plastic, we reduce the carbon footprint of card production by up to 76% (source: Card Eco Certification (“CEC”) Statement of Compliance).

That means when you open your wallet, you’re carrying a reminder that sustainability can be part of every financial decision — right down to the card in your hand.

GreenFi Redwood Mutual Fund Investing

GreenFi’s Redwood Investing option empowers you to align your long-term financial growth with a livable future. Designed to keep your carbon footprint low while delivering competitive returns, the Redwood Fund offers a climate-aligned alternative to traditional index investing.

2024 Redwood Impact:

• Nearly 1,700 tonnes of CO₂e emissions avoided compared to S&P 500 benchmark*

• Equivalent to avoiding the emissions of over 1.8 million pounds of coal

The Redwood Fund is rigorously screened to exclude companies involved in fossil fuels, controversial weapons, tobacco, and other industries that drive harm. Every company in the fund is evaluated on environmental, social, and governance (ESG) performance by both GreenFi and UBS, the fund sub-advisor.

In 2024, Redwood's scope 1 and 2 carbon footprint were over 37% lower than its benchmark index, the S&P 500, per UBS sustainability data. That means investing in Redwood helps reduce the carbon footprint of your investment portfolio while also supporting companies with strong ESG performance.

GreenFi's 2024 Impact: What We Achieved Together

Even small actions add up when we act together. In 2024, our community made a major dent in climate emissions, thanks to the simple act of changing how they bank.

2024 GreenFi Impact Summary*:

• Nearly 40,000 tCO₂e avoided from fossil fuel free banking and investing

• Over 4.3 million trees funded

• Over 33.5 million car miles offset

• Nearly 10,000 purchases redirected to sustainable brands

• Over $150,000 donated to climate nonprofits

It’s in Our DNA

Our products are the "how," but our commitment to the planet is the "why." Climate action isn’t a department here; it’s our foundation. We hold ourselves to the highest possible standards to ensure we’re walking the walk. These certifications aren't just logos on our website; they are proof of our commitment.

Certified B Corporation

We're proud to be a Certified B Corporation, which means we are legally required to balance profit and purpose. To become a B Corp, a company must undergo a rigorous assessment of its impact on its workers, customers, community, and the environment. It's a high bar to clear—out of millions of companies worldwide, only about 8,000 have earned this certification. We believe it's the gold standard for businesses that want to be a force for good.

GreenFi overall B Impact Score for our 2024 certification

The Climate Label Certified

To earn The Climate Label, a company must take clear and decisive action on its carbon footprint. Each year, we measure all of our emissions, from our offices to our entire supply chain. We then fund high-impact greenhouse gas reduction and removal projects to match our footprint, and we develop concrete plans to reduce our future emissions.

This whole process is reviewed and certified annually by The Change Climate Project, ensuring we meet their robust Climate Label Certification Standard. It’s how we hold ourselves accountable for our climate impact.

GreenFi's Carbon Footprint

GreenFi GHG inventory for 2024

At GreenFi, we believe in transparency and full accountability for our climate impact. That's why, unlike many financial institutions, we measure and take responsibility for not only our direct operational emissions but also the emissions associated with our investments.

For 2024, our corporate carbon footprint was primarily driven by two key areas:

• Financed Emissions (Scope 3): The largest portion of our footprint comes from the financed emissions of our GreenFi Redwood Fund. Including these is a critical part of our commitment, as it directs our climate transition budget—the funds we invest in carbon reduction and removal projects—to where it matters most. We are actively working to lower these emissions over time by refining the fund's investment strategy and equity selection process.

• Supply Chain Emissions (Scope 3): Our second-largest emissions source is our supply chain, specifically the purchased goods and services from key partners like Coastal Community Bank, Mastercard, and Galileo Financial Technology. We are actively engaging with our major partners to find innovative ways to reduce our shared carbon footprint.

Our direct Operational Emissions (Scope 1 & 2) from office electricity, business travel, and employee commuting make up a relatively small part of our total footprint. We are proud to report that these have been reduced significantly since 2023, in line with our aggressive emission reduction targets.

Our Reduction Plan

Accountability starts with a plan. We have set a long-term target to reduce our 2023 Scope 1 & 2 emissions by 100% by 2030. To get there, we are actively working on several initiatives across our business:

• Remote Work & Commuting: We are implementing a remote work policy to reduce commuting emissions by 90% across our office locations.

• 100% Renewable Electricity: We are in the process of transitioning all current and future offices to 100% renewable energy sources through our electric utility.

• Low-Carbon Business Travel: We have implemented a policy to require lower-carbon forms of travel whenever possible and encourage remote options to reduce our travel footprint.

• Sustainable Swag & Gifting: We are establishing a formal policy to ensure all company-branded merchandise is sustainably sourced and produced.

Our Carbon Offset Investments

While we work to reduce our emissions, we take responsibility for our current footprint by purchasing high-quality carbon credits from verified projects around the world, as part of the Climate Label Certified certification. These projects not only remove or avoid carbon emissions but also provide tangible benefits to local communities and ecosystems. The projects we invested in:

• Big Six Improved Forest Management Project (Maine, USA): This project (ACR 588) protects 22,067 acres of industrial forest in northern Maine from aggressive harvesting. By generating revenue through the carbon market, the landowners can prioritize sustainable maple syrup operations and long-term forest conservation over short-term timber sales. This preserves a critical carbon sink and supports the local, sustainable economy.

• Renewable Wind Power Project (India): This project (VCS 20242) involves the installation of wind turbines to generate clean, renewable electricity for India's grid. By replacing fossil fuel-based power, it avoids significant carbon emissions and helps transition the region to a low-carbon energy system.

• Anew - 100-Mile Wilderness Forestry Project (Maine, USA): This project (ACR 566) protects approximately 13,000 acres of northern hardwood and spruce-fir forestland in northern Maine. By committing to maintain forest CO₂ stocks through sustainable management, the project will provide significant climate benefits through carbon sequestration.

Project images showing two avoided deforestation projects in Maine, organic maple syrup bottling in Maine, and wind turbines creating renewable electricity in India

1% for the Planet Member

We are proud members of 1% for the Planet, an organization founded by Yvon Chouinard, the founder of Patagonia. He started it with a simple idea: because companies profit from the resources they take from the earth, they should pay a "rent" for their use of the planet.

We couldn’t agree more. Giving back is a core feature of our company. It's our way of saying thank you to the planet for all it provides. That’s why we donate 1% of our total revenue every year to vetted environmental nonprofits, no matter what.

2024 Donations:

Total donated: Over $150,000 *

Partners include: American Forests and All Hands and Hearts

Don't Just Talk About Change. Bank on It.

The world is changing, and your bank should, too. It’s time to join a community of people who are using their money as a force for good.

If you’re ready to make your money matter, we’d love to have you.

Already a member? Thank you for being part of the solution. You can see your personal contribution by visiting your Impact Dashboard.

* The information presented herein is based on internal research, analysis, and findings conducted by our company. It reflects our current understanding and assessment as of the date of publication and may be subject to updates or revisions.

**Source: veritree, GreenFi Reforestation Program Overview (August 2025)