Peter Thiel's VC fund backs TreeCard, a fintech that plants trees when you spend

The deal underscores increased interest from VC investors in companies addressing climate change.

also chipped in. Valar is a prolific investor in fintech, having previously taken stakes in the likes of Wise and N26.

TreeCard is currently only available in the U.S., with a waitlist of more than 250,000 clients. It is now gradually onboarding users. TreeCard plans to launch in the U.K. and Europe, too, "hopefully soon," Cox said. The TreeCard app includes a game that lets users visualize how many trees their activity has helped produce.Higher rates on the fees merchants must pay every time a customer uses their card to spend make the U.S. a more lucrative opportunity than Europe, TreeCard's CEO said.

"When finance-type companies come from Europe, they don't understand intimately the American audience," he told CNBC.

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