We have brought an interesting startup to your attention today: Karma Wallet. Founded by the father-son duo Jayant Khadilkar and Kedar Karkare, they have created a sustainable finance ecosystem that’s reshaping how consumers understand the impact of their spending. Using data and technology, Karma Wallet rates companies on their social and environmental performance, linking everything to the UN Sustainable Development Goals.
They provide a unique service where consumers can connect their bank cards and receive a Karma Score, a personal sustainability score based on their purchasing habits. Each transaction made with the Karma Wallet prepaid debit card offers real-time insights into the social and environmental consequences, empowering users to make more informed choices.
Join us as we explore how Karma Wallet not only helps users track and improve their impact but also contributes to reforestation and local food security through smart spending.
Karma Wallet is a fintech startup started by father-son duo Jayant Khadilkar and Kedar Karkare. Designed to disrupt the fintech status quo, Karma Wallet offers an easy mechanism for consumers to understand the true impact of their spending habits.
The Karma Wallet reloadable prepaid debit card is the first financial product to provide real-time insights into the social and environmental impact of every transaction. Karma Wallet’s growing community now has the unparalleled ability to turn their daily and recurring expenses into direct action, earn cashback rewards, and automatically support reforestation efforts and local food security initiatives on select purchases.
Karma Wallet is revolutionizing sustainable finance by connecting consumers' spending habits directly to their environmental and social impacts. Founded by the father-son duo, Jayant Khadilkar and Kedar Karkare, this fintech startup offers a unique prepaid debit card that not only tracks but also scores each transaction based on sustainability through the innovative Karma Score system. This scoring system is tied to the UN Sustainable Development Goals, giving users a transparent view of the impacts of their purchases.
Karma Wallet goes beyond traditional banking by providing real-time insights into the social and environmental consequences of every purchase, promoting conscious consumerism. With each transaction, users can support reforestation and local food security initiatives, transforming everyday spending into acts of meaningful impact.
This startup not only provides tools for better spending but also educates its community on making choices that benefit the planet, paving the way for a shift towards more sustainable consumer behavior. Join us as we explore how Karma Wallet empowers individuals to make a difference with their dollar.
There is a big gap between intention and action. Through the Karma Wallet Card, we’re turning everyday transactions into opportunities for profound action.” - Jayant Khadilkar, CEO of Karma Wallet Despite 72% of Gen Z agreeing that if people do not act now to combat climate change they will be failing future generations, a 2022 report shows that they often prioritize price and convenience.
Karma Wallet solves the say-do gap by giving consumers accessible, affordable, and easy-to-use sustainable personal finance tools that embed impact into every purchase.
Karma Wallet started as a free web app, where users could link their banking cards to our platform and receive their Karma Score and other data insights into the social and environmental impact of their shopping habits. A few years in, we wanted to find a way to mobilize our community even more.
And so, the Karma Wallet Card was born – a prepaid, reloadable debit card that offers up to 20% cashback on sustainable shopping and donates to nonprofits for select purchases. The Karma Wallet companion app comes with a dashboard that provides an unparalleled view into the socioeconomic impact of each purchase, and access to comprehensive impact evaluations of 15,000+ brands.
This proprietary ecosystem showcases where, and more importantly how, cardholders can make purchasing decisions that reflect their individual ethos, and the card allows members to put that directly into action. Launching April 16th, 2024, the Karma Wallet Card already has a robust waitlist, and is ready to change the face of sustainable finance.
As a startup, we have a limited budget – and that has been our biggest hurdle in gaining traction. Once we do get in front of community members, the response has been overwhelmingly positive.
It is clear to us that consumers want products like Karma Wallet – and want to live, and shop, more sustainably. We feel that once we have a more formal product offering (Karma Wallet Card vs free web app), we will be able to gain even more traction despite a limited marketing budget.
Karma Wallet is currently funded primarily by CEO and co-founder Jayant Khadilkar. We have also done a friends & family fundraising round.
Today, we are looking for Series A funding to bring Karma Wallet to the next stage.
The Karma Wallet Card is just the beginning. From there, we plan to offer a suite of finance tools and products to mobilize a generation of conscious consumers.
Gen Z is the future of finance. And they want products that are personalized, and create impact.
This is hugely exciting to us at Karma Wallet! The way people are choosing to manage their money, and the businesses they want to support, are evolving – and we can't wait to be a part of it. 51% of users increase their Karma Score after creating an account – and a positive change in Karma Score is a measure of positive impact overall.
By educating our users, and encouraging positive spending habits, we shift the larger market to be more sustainable.
I believe we would have started work on the Karma Wallet Card sooner – transitioning from the web app to this product earlier in our journey, so we could get it in the hands of more people!
or
Wix
Resources
Startup Events
Live Chat