FinTech Sustainability M&A: Doconomy Acquires Dreams Technology

Doconomy, a FinTech startup that helps banks, brands, and consumers to better understand and reduce their environmental impact, has acquired Stockholm-based financial wellbeing fintech Dreams Technology. Financial terms of the deal were not disclosed.

Related: See all M&A deals involving ESG and sustainability consulting firms here.

Doconomy, based in Stockholm, Sweden, was founded in 2018. The company had 72 employees listed on LinkedIn as of February 2023. Doconomy develops Åland Index, a cloud-based enterprise service for climate impact calculations. The firm also develops the 2030 -- which helps customers to better understand the carbon footprint of the products and materials they produce. Doconomy's early customers include banks and financial services firms.

Dreams Technology, also based in Stockholm, was founded in 2014. The company had 104 employees on LinkedIn as of February 2023. Dreams Technology develops an engagement banking platform, which "helps the financial industry create strong customer relationships and attract the next generation while addressing financial wellbeing and sustainability," the company said.

Doconomy, armed with Dreams Technology, will further enable banks to address regulatory sustainability reporting and strengthen client and consumer engagement and retention, the buyer said.

In a prepared statement about the deal, Mathias Wikström, CEO & Co-Founder of Doconomy, said: “Doconomy and Dreams Technology are a perfect match! Both companies are built to motivate and shape behaviours in an innovative way that is key to sustainable and lasting change. The acquisition will allow us to embed the unique methodology Dreams Technology has built over the years together with their suite of proven products. This will expand our offering, merging our team of experts in climate impact with the behavioural economics talent of Dreams Technology, to achieve urgent and measurable results. We’re confident that our joint forces will accelerate climate literacy while giving a major boost to the financial industry’s transition to net zero - making every transaction count for both people and the planet.”

Concluded Henrik Rosvall, CEO & co-founder of Dreams Technology: “By joining forces with Doconomy, we see a substantial opportunity to promote financial wellbeing and climate action at scale with the first holistic offering in the market. At Dreams Technology, our solutions operationalise over 100 behavioural science insights and are designed to drive sustainable behavioural change in banking customers by closing the intention-action gap, creating positive and impactful financial behaviours, and making money more emotional, accessible, and effective for everyone. It’s a match made in heaven using innovation and behavioural expertise to empower banks in their journey from transaction engines to global change agents.”

Rosvall has joined the Doconomy leadership team -- though his title was not disclosed in the news announcement.