'It's time to close this chapter': UK's first 'green neobank' shuts down
Green banking startup Tred is winding down operations after four years. Co-founder Will Smith cites regulatory changes as the primary reason for closure.<br>"The seeds we've planted will grow into something even greater", he writes.
The Leeds-based fintech, founded by Smith and Peter Kirby in 2021, aimed to "make money work for the planet, not against it" by providing fossil-fuel-free current accounts to UK businesses. But after four years, the company is closing its doors.
Smith points to recent changes in financial regulations around APP (Authorised Push Payment fraud), which "have significantly impacted smaller disruptors like Tred, which we simply aren't equipped to sustain", the fintech founder writes in a personal Linkedin post.
Despite the closure, Smith remains optimistic about the future.
"This is the end of Tred, but it's far from the end of the fight for sustainable finance. The mission continues, and I know that the seeds we've planted will grow into something even greater."
Tred, which branded itself as the UK's first green neobank, had secured investment from Stroud-based green energy firm Ecotricity just four months before shutting down, according to UKTN.
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