Last November, GEA Sustainability ESCP had the pleasure to meet Flowe, a unique and innovative startup in the financial services sector that has developed a digital platform dedicated to empowering the young generation to save both their money and the planet!
Discover some insights from Giulio Sciarappa and Giacomo Salvadego on how Flowe disrupted the whole banking industry in Italy.
GEA Sustainability ESCP: What is Flowe and what was the urge that led you to design this project?
Flowe: Flowe can be defined as a “better being platfirm” where “platfirm” stands as the mix between “platform” and “firm”, so it is essentially a firm built on a platform and it also means that you can be part of Flowe just by downloading the app. “Better being”, on the other hand, means that we first focus on the human being in his essence, and the philosophy of this concept is that if you want to be “better” you first have to respect your planet. For instance, Flowe has partnered with another startup, Zero CO2, to make you aware of the impact of your daily habits and consumption by tracking your CO2 emissions. So the first key characteristic of Flowe is its environmental commitment, but it is not all about that. To be “better” we also have to take care of ourselves and others; and in terms of physical and mental health, our app offers some dedicated features, such as a pedometer. And finally, Flowe is also dedicated to networking and socializing: on the app you can interact with your friends, share your expenses, etc. All in all, Flowe is much more than a mobile app: it is intended for the next generation of users who want significant changes in our society.
GEA Sustainability ESCP: More concretely, can you present a couple of innovative actions taken by Flowe for the planet?
Flowe: Everytime you get a physical credit card, Flowe plants a tree in Guatemala to compensate for the CO2 emissions of the manufacturing. And that's not all: Flowe often designs events for the environment, such as collecting garbage along the beach. We also have a partnership with Plastic Free, a startup raising awareness on the impact of our consumption of plastic and promoting its reduction. But the most important thing is to always remain carbon neutral, and another of our partners is Doconomy, which gives you the exact amount of the CO2 footprint of your transactions. Those are just a few examples… Last but not least: we offer to our users a FSC certified wooden card, only containing a thin layer of plastic for the electronic components.
GEA Sustainability ESCP: What are the main features of a sustainable bank account, and why students should we get one?
Flowe: Everyone, from any background needs to manage his or her financial situation, so why a sustainable bank account? What does sustainable mean? It means being carbon neutral, taking care of the environment and making people take care of the environment themselves. We really focus on what is sustainability for the individual, as the last level after the world and then the organization. The three things are actually really connected to each other and there is no priority; there must be a balance. Moreover, even the biggest groups won’t be able to survive without taking a huge consideration on sustainability in the full spectrum: for the world, the company and the individual.
GEA Sustainability ESCP: Today where do the financial and banking industry stand where it comes to sustainability? Is the sector evolving fast?
Flowe: Today, there is no way back regarding sustainability. We are rapidly moving towards better use of water, of electrical energy in transportation and recycling systems. For instance, by the end of the 1990’s, not a single household in Italy would sort waste, the phenomenon started ten years later only, and now it seems normal for everybody. The same thing applies to sustainable finance, and companies that are not going in this direction are maintaining traditional practices that will soon be obsolete and hinder their own corporate sustainability. The financial sector is now selling billions to companies to invest in more sustainable practices, and it is pretty clear that the whole industry is evolving in this direction.
GEA Sustainability ESCP: Would you say that Flowe and Mediolanum can be considered as leaders in this new trend of the banking sector?
Flowe: In Italy yes, we are the first ones. Flowe is still just a startup so there is still a long way to go in Italy and in Europe as well. In five years from now, we can just hope that the phenomenon we introduced will increase. Something that characterizes Flowe is the word “innovability”, a mix between “innovation” and “sustainability”. Today, most competitors we have are only imitating our ideas. We are doing something new but we are also hoping that other players can enter this market and help us develop it.
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