The partnership integrates carbon footprint technology into the Bip app
15 November 2022 – Bip customers will now be able to see the carbon footprint of their spending on their digital credit account when they access the Bip app. This new feature has been jointly created by Bip provider NewDay and carbon footprint experts Cogo, making it one of the first UK digital credit cards to offer this.
Cogo's algorithm gives users an estimate of the CO2 emissions linked to their spending. Purchases are classified into different categories such as 'travel' and 'fashion', which the algorithm then uses to calculate the emissions of each purchase, based on the carbon-intensity of the particular retailer, or the broader operations of the relevant industry.
Cogo’s carbon footprint feature in the Bip app will show customers the impact of their spending to help build carbon literacy and in turn, create positive change. Bip and Cogo will support this with email, website and in-app prompts providing customers with information on carbon footprint misconceptions, and advice on how to lower their carbon footprint.
Sharvan Selvam, Commercial Director, NewDay: "Bip is digital credit with a focus on simplicity, control and transparency. By partnering with Cogo, our customers can now access information on how their spending habits impact their personal carbon footprints. We are proud to be one of the first credit providers to offer carbon footprint insights to our customers.”
Emma Kisby, EMEA CEO of Cogo: "We are very pleased to be working with NewDay to give Bip customers the chance to understand and manage their carbon footprints. It’s also an exciting new use case for Cogo to expand into. Every month the UK spends nearly £20 billion in credit account transactions. This represents a large chunk of purchasing decisions for which customers previously had no way to understand their carbon impact and make more eco-friendly choices.”
Cogo’s financial services partnership model expands remit
While NewDay is the first specialist credit provider to work with Cogo, the carbon footprint start-up has announced new partnerships with a range of financial services companies in the past twelve months – from high street banks to regional building societies.
Thanks to this business model, Cogo is on track to having over three million customers using carbon footprint management features by the end of 2022. Cogo hopes the continued growth of its partnership model – which expanded into Central Europe thanks to a new deal with Hungarian bank OTP announced in September 2022 – will enable even more consumers to measure, reduce and offset their carbon footprint.
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Notes to Editors
About Cogo
Cogo is a carbon footprint management product that helps individuals and businesses to measure, reduce and offset their impact on the climate.
Cogo does this through partnerships with some of the world's largest banks to integrate leading carbon-tracking functionality into their banking apps via open-banking technology. Cogo uses best-in-class models to provide accurate ways to measure carbon emissions specific to local markets and cutting-edge behavioural science techniques to nudge customers to make more sustainable choices.
Cogo currently works with 12 banks or financial institutions, including Commbank (Australia), NatWest (UK) and ING (Netherlands) and currently helps over a million customers around the world track their carbon footprint.
Originally founded in New Zealand in 2016, Cogo now employs over 100 people and operates in 10 countries across Europe and Asia-Pacific, including, the UK, New Zealand, Australia, Japan, and Singapore. Cogo has raised over US$10million in funding since launch.
To find out more information about Cogo, please visit HYPERLINK "http://cogo.co/"cogo.co.
About New Day
NewDay is a leading provider of unsecured credit in the UK, helping over 4.5 million customers move forward through responsible access to credit. It offers technology-enabled, highly flexible and innovative products directly to consumers and via its merchant relationships.
NewDay operates multiple direct-to-consumer products through well-known brands such as Aqua, Fluid, Marbles and Bip - the UK’s first digital only credit “card”. In its Merchant Offering business, NewDay provides co-branded credit cards, and offers Newpay, a flexible digital finance product incorporating Buy Now Pay Later and instalment finance for both large retailers and SMEs.
Powered by machine learning, NewDay’s leading proprietary credit models enable it to be one of the most inclusive lenders in the UK. NewDay’s deep underwriting capability and 20 years of experience allow it to responsibly say “yes” to more UK customers, making NewDay a merchant partner of choice for leading brands such as AO.com, Argos, Currys and John Lewis.
NewDay is authorised and regulated by the Financial Conduct Authority.