StepChange, an India-based provider of cutting-edge climate data science solutions for risk management has seured $1 million from Flourish Ventures, a leading early-stage global venture capital firm. This funding fuels StepChange’s growth plans in the BFSI (Banking, Financial Services, and Insurance) sector, enabling to empower more financial institutions with the tools they need to track, improve, and report on their ESG and sustainability performance.
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It’s platform offers best-in-class carbon accounting and climate risk management solutions, helping enterprises and BFSIs navigate their journey toward sustainability. StepChange has partnered with more than 25 large enterprises, including six of the 15 largest banks in India.
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Flourish backs entrepreneurs whose innovations advance financial health and prosperity for individuals and small businesses. Flourish has $850M under management and deploys patient capital with a long-term perspective. In order to help foster a fair, more inclusive economy, the Flourish team partners with more than 70 global fintech founders, as well as 18 ecosystem partners that include industry thought leaders in research, policy and regulation.
“The timing to invest is apt for us as India’s central bank has introduced comprehensive guidelines for financial institutions in the country to incorporate climate risk into their decision-making processes,” Harsh Gupta, Principal, India, at Flourish Ventures, said.
StepChange is focused on helping banks and other financial service providers as well as large enterprises measure the climate-related risks embedded in their businesses and make critical capital allocation decisions to minimize those risks. StepChange has the potential to help drive the climate finance initiatives needed to meet the current goal of halving the planet’s carbon emissions by 2030 or becoming net zero by 2050.
About StepChange
Founded in 2022 by Ankit Jain and Sidhant Pai, along with a dedicated 50-member team, StepChange provides an integrated solution to banks and non-financial institutions for tracking ESG metrics, measuring emissions across financial portfolios, and quantifying climate risks. The company’s science-based decision-making tools assist financial institutions in their journey towards achieving net-zero emissions.
