Banks pool funds to make investments and carry out activities and, in many cases, this includes pouring resources into harmful industries. However, it’s not all bad news. We wanted to bring some clarity around what happens to you deposits when you use our banking platform.
The journey of your Remagine deposit:
- From the start, it's important to us that companies accessing our products and services align with our values. So, we exclude companies that are heavily invested in harmful industries (unless they are bringing about positive, intentional change in their respective industry).
- We work with Solarisbank, a leading Banking-as-a-Service provider, that is responsible for managing your deposits in a manner that is responsible, ethical, and with integrity in accordance with their Code of Conduct. This means they do not directly allocate funds towards harmful investments.
- Though the current stage of our business covers steps 1 and 2, we will be able to provide input into the allocation of a portion of deposits as we grow. At that stage, we are committed to channelling funds towards sustainable and impact-driven investments that we believe in.
Overall, we believe there needs to be greater transparency around what your deposits are used for, and that banking service providers like us need to be open about that with account holders. Only then can we expect things to change.