Karma Wallet Acquires DoneGood, Integrating Next Generation Impact Finance with Sustainable Shopping Options

RALEIGH, N.C., April 15, 2024 /PRNewswire/ -- Karma Wallet, a trailblazer in the financial ecosystem with a focus on sustainable consumer spending, today proudly announces its acquisition of DoneGood, a prominent marketplace for sustainable shopping. This promises to redefine ethical consumerism by combining Karma Wallet's unique data platform, brand insights, and financial products with DoneGood's marketplace, which has over 100 sustainable and ethical brands and a diverse range of products. Consumers will now be able to seamlessly translate their values into impactful shopping choices, with substantial benefits enabled by the Karma Wallet membership.

A New Era of Consumerism

Designed to disrupt the fintech status quo, Karma Wallet offers an easy mechanism for consumers to understand the true impact of their spending habits. This acquisition unites Karma Wallet's expertise in financial ecosystems with DoneGood's expansive merchant network, signaling a transformative shift that brings simplicity to ethical consumer practices.

Jayant Khadilkar, CEO of Karma Wallet, shares, "This is a significant step forward in actualizing our vision of blending ethical practices with everyday financial choices. It symbolizes our dedication to a future where financial empowerment and sustainable living are one and the same."

Key Benefits of the Acquisition

• Empowering Consumers: The expanded offerings foster positive global impact through everyday purchasing decisions.
• Affordable Sustainability: The partnership introduces incentives like free shipping and cash back, democratizing access to sustainable products.
• Seamless Integration: The inclusion of DoneGood's marketplace into Karma Wallet's platform simplifies the sustainable shopping process.
• Expanded Choice: Offers an extensive range of sustainable and ethical products from DoneGood to Karma Wallet's member base, aligning shopping experiences with personal values.
• Beyond Shopping: Karma Wallet now empowers DoneGood shoppers through access to Company Ratings, insights into their purchases, and exclusive cashback rewards.

Karma Wallet is launching the Karma Wallet Card*, a prepaid, reloadable debit card, alongside a Membership program, in late April. The DoneGood acquisition allows Karma Wallet to give members a comprehensive ecosystem for ethical spending, from brand ratings to cashback.

Karma Wallet Membership Benefits

• The Karma Wallet Card: a prepaid, reloadable debit card
• Social and environmental ratings for 18,000+ companies
• You buy gas with the Karma Wallet Card, we donate to reforestation
• You dine out with the Karma Wallet Card, we donate to hunger alleviation
• Up to 20% cashback** on thousands of merchants through the Karma Wallet app
• Earn up to 10% cashback on every DoneGood purchase with the Karma Wallet Card
• Free shipping on every DoneGood purchase with the Karma Wallet Card

The Future Ahead

Both organizations share a commitment to sustainability, ethical practices, and consumer empowerment. DoneGood CEO, Cullen Schwarz, adds, "We've always believed that the dollars people spend can be the world's most powerful force for change. When consumers demand products made with living wages and climate change-fighting practices, the market supplies more living wage jobs and products that fight climate change. Karma Wallet shares our belief in that theory of change. We believe our alliance with Karma Wallet can now help far more people wield their purchasing power even more effectively."

Karma Wallet co-founder, Kedar Karkare, PhD, reflects, "As a family-founded company, DoneGood resonates deeply with our core values. We started Karma Wallet with the vision of integrating ethical choices into everyday finances, and this is a significant milestone on that journey."

*The Karma Wallet Visa Prepaid Card is issued by Pathward, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Karma Wallet Visa Prepaid Card is powered by Marqeta. The Karma Wallet Visa Prepaid Card can be used everywhere Visa debit cards are accepted.

**This optional offer is not a Pathward product or service nor does Pathward endorse this offer. Up to 20%* cashback with eligible brands.

About Karma Wallet

Karma Wallet is a financial platform that leverages a first of its kind data platform to give consumers tools to be sustainable. The company evaluates thousands of companies on their social and environmental impact — using the United Nations Sustainable Development Goals (SDGs) as a framework.

Karma Wallet enables consumers to get personalized data around their carbon footprint, insights into their shopping habits, cash back, and sustainable rewards.

About DoneGood

DoneGood is an e-commerce marketplace where every purchase you make does good for people and the planet. On DoneGood, you can buy thousands of products from over 100 brands that have been thoroughly vetted to ensure ethical & sustainable practices.

For more information, visit KarmaWallet.io and DoneGood.co.

Media Contacts:

Juliet Payne, Karma Wallet
[email protected]

Blair Huddy, Hudson Davis Communications
[email protected]

SOURCE Karma Wallet