„With every customer we create more impact“
Mr. Nureldin, Tomorrow's growth is impressive. Is there a limit, particularly regarding sustainability goals?
We are convinced that growth helps us achieve sustainability goals. The more capital we channel into „good“ banking, the greater our positive impact. We have three levers: deposits, card payments, and our „round-ups“. Deposits often come from less sustainable banks, which we then strategically use for environmental and social projects. A portion of the merchant fees from our cards also flows into climate protection projects. Hence, with every customer, we create more impact.
You benefit significantly from card payments. Do you support the abolition of cash?
We don't see it that way. Everyone should decide for themselves whether they use cash. It's not about encouraging more consumption. We want people to move their current accounts to us so they can promote climate protection through everyday payments.
In the „Fair Finance Guide“, you perform well, but are rated lower in terms of transparency. What do you say about that?
It was our first ranking, and our own investment product, the Tomorrow Better Future Stocks Fund, was newly launched. We were still at the beginning in areas like shareholder engagement. We will build on this and hope to improve next time. Transparency is important to us, even though, as a startup, we are not obligated to publish a sustainability report – we do it voluntarily.
Your product portfolio is relatively slim. Do you plan to expand your offerings?
Focus is important to us. Many start-ups fail because they try to do too many things at once. Our portfolio is growing gradually. We are developing a savings account, although we cannot provide an exact timeline yet, as compliance issues are often complex.
Traditional banks are increasingly offering sustainable products. Is that competition for you?
Our mission is to bring sustainable banking to the mainstream. We cannot save the world alone, but we are making important contributions. Many banks, however, use sustainability for greenwashing, while simultaneously investing billions in fossil fuels. We are committed to ecological and transparent sustainability. We see banks like GLS and Triodos as partners in this journey. Together, we aim to advance sustainable banking.
Tomorrow does not have its own banking license. Is that a disadvantage?
On the contrary, it makes us more flexible and faster. We collaborate with Solarisbank, which has a banking license, as a technology provider. This gives us the freedom to innovate, such as with the rounding-up feature for payments. Our deposits are clearly invested according to sustainable criteria – that was a condition for our partnership with Solaris.
Porsche Ventures is involved in your financing. How do you finance Tomorrow sustainably?
We’ve seen significant revenue growth and were even profitable for a time. Now, we are reinvesting in growth, which obviously requires capital. Our financing comes from impact-driven venture capital, business angels, and partners like Porsche Ventures. Governance is particularly important to us: Our advisory board, which makes key decisions, consists of founders, investors, employees, a member of our crowd investors, and a sustainability expert. This keeps our mission in focus.
You recently introduced a new pricing model, didn't you?
Exactly. We now offer „Pay What You Want.“ With our Now account model, customers can choose their account management fees, ranging from 0 to 4 euros. Our aim is to make banking more accessible to more people and make our offering more democratic.
Meet Inas Nureldin
Inas Nureldin studied business management in Friedrichshafen until 2007. During his studies, he founded Salis IT Services. After graduating, he led the IT company „Muddy Boots“, which aims to bring more transparency to the supply chains in the food industry. In 2017, he co-founded the banking platform Tomorrow, in Hamburg. The startup does not have its own banking license but collaborates with Solaris. In addition to current accounts, it offers a sustainable investment fund.
