Innovation is reshaping every corner of our lives, with the FinTech sector firmly leading the charge. Take Tred – the world’s first carbon-neutral neobank, which combines financial management with environmental stewardship.
With Tred, managing your business’ finances isn’t just easier – it’s a powerful statement against fossil fuel investments, and an active step towards a lower carbon footprint.
Max Willis, FinTech expert at Capsule recently had the opportunity to sit down with the app’s co-founders Peter Kirby and Will Smith – from the inspiration behind Tred to the obstacles the team has encountered on its growth journey, discover the full conversation below.
How would you summarise Tred in a nutshell?
Our mission is simple: to empower businesses to do good for the planet without sacrificing financial performance. Tred is the UK's first green digital business account for SMEs and sole traders, offering all the features of a modern account while ensuring your money doesn’t fund fossil fuels.
Plus, our carbon footprint calculator lets you track emissions automatically. By switching to Tred, you support the planet and boost your sustainability credentials, attracting eco-conscious customers and driving growth.
What inspired you to start Tred?
Tred was born from our frustration with banks investing in fossil fuels and the lack of sustainable options for businesses. We set out to create a current account that not only avoids harming the environment, but actively helps protect it, making it easy for businesses to reduce their impact by simply switching accounts.
What motivated you to become B-Corp accredited, and how does this align with your long-term vision?
Becoming B-Corp accredited was a natural step for us, reflecting our commitment to sustainability, transparency, and social responsibility. It’s not just about success for us, it’s about making a positive impact. B-Corp status aligns with our vision of leading a new wave of ethical businesses that balance people and planet, with profit.
What has been the most significant challenge you've faced as a scale-up?
Balancing growth with staying true to our core values. As we’ve scaled, we’ve had to ensure that every hire, product feature, and decision aligns with our mission. We’re proud of our growth, but it’s been tough to scale without losing what makes Tred unique.
Lots of startups are struggling to raise due to the current climate. Tred has been really successful in raising funds via Crowdcube – what advice would you give to other FinTech startups seeking capital?
Our Crowdcube success came from building a strong community before launching. We emphasised transparency, showing investors how their money would generate returns and promote positive environmental impact. Our advice to fellow FinTech startups: be genuine, engage early, and clearly communicate not just what you do, but why it matters.
What’s one piece of ‘bad’ advice you’ve been given about starting a FinTech company that you’re glad you ignored?
We’ve often heard that you need to “move fast and break things”, even if it means sacrificing quality or values. We chose a different approach – thinking slowly, then acting quickly to ensure every step aligns with our mission. This intentional growth has helped us build a trusted brand and a product that truly delivers.
What’s the most unexpected place or situation where you’ve found inspiration for your FinTech innovations?
We’re both dog owners, and some of our best ideas have come from the most unexpected places – like a rainy Yorkshire park, for instance. Being outdoors with our pooches helps us step away from work and see challenges differently. We’ve had countless moments where we’ve gone from frustration to finding solutions while watching our dogs chase a ball. It’s a reminder that the best ideas often come when you let your mind wander in a different setting.
Is there a ‘stand-out’ mistake you’ve made in your journey building Tred, and if so, what did you learn from it?
Initially, we misunderstood the complexity of creating our carbon footprinting algorithm. It took more research, partnerships, and iteration than expected – a huge shoutout to our in-house climate science team for completely pioneering a few new methods. The key lesson: patience and investing in the right expertise are crucial when navigating uncharted territory.
How do you see the role of artificial intelligence and machine learning evolving in FinTech, and what potential challenges or opportunities do you foresee?
AI and machine learning are transforming FinTech with more personalised and efficient services. At Tred, we see potential in using these technologies for better carbon tracking and tailored advice on reducing environmental impact. The challenge is to ensure AI solutions stay transparent and unbiased, maintaining consumer trust and ethical standards.
What do you consider the biggest threat to the FinTech industry in the next decade, and how is your company preparing to face it?
The biggest threat is increased regulation on early-stage challengers. While necessary, strict rules could stifle innovation. At Tred, we’re investing in strong data protection and staying ahead of regulations. By building trust through transparency and compliance, we aim to turn this potential threat into an opportunity to lead by example.
Insurance designed for you
Peter and Will’s journey is a reminder of the positive impact we can all make when we persevere. With disruptors like Tred in the mix, the FinTech industry is not just advancing – it’s developing new ways to pursue a sustainable future.
If your emerging FinTech or your high-growth venture is gaining momentum, it’s essential to have the right support in place. At Capsule, we specialise in providing tailored insurance solutions that keep your business protected through every stage of its journey. Connect with us for expert advice, and ensure your FinTech is ready for its next big leap.