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    CBA   AU000000CBA7

COMMONWEALTH BANK OF AUSTRALIA

(CBA)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/06
97.24 AUD   +0.65%
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Carbon footprint tracker CoGo seeks $20 million to fund expansion

10/20/2021 | 06:20am EST
FILE PHOTO: Screenshot of CoGo app

SYDNEY (Reuters) - New Zealand-based carbon footprint tracking fintech CoGo Ltd will begin raising $20 million in capital to fund growth in the United States, Europe and Asia, Chief Executive Ben Gleisner said on Wednesday.

The firm, whose algorithms help consumers align their purchasing habits with targets such as reducing carbon emissions, is opening the fundraising to venture funds, companies and to its retail customers, Gleisner said.

"If you look at what's going on around the world you'll see why we think we'll be the world's first climate impact unicorn within three years," Gleisner said, referencing the tag given to startups worth at least $1 billion.

Gleisner said that, pre-funding, revenue is expected to grow to between NZ$2.5 million ($1.79 million) and NZ$5 million ($3.58 million) in fiscal 2022, and to more than N$7.5 million in 2023, from about NZ$500,000 in the year ending March 2021.

CoGo has ramped up operations over the past year as climate change concerns among consumers and investors surge and data sharing regimes develop.

It has secured partnerships with more than seven U.K. banks, including Santander and Natwest Group Plc that allow the banks to use Cogo's technology to assess customers' carbon footprint based on purchases and provide detail via an app.

The company also tracks data on U.K. and New Zealand companies that support their local economies and businesses that pay their employees a living wage.

It has raised about $10 million since it was incorporated in 2016 after five years as a charity and is launching the Series A venture capital fundraising to hire developers, behavioural scientists and scale up its operations.

The company also partnered with Commonwealth Bank of Australia to allow customers to track and offset their carbon footprint by buying carbon credits via the bank's phone app.

($1 = 1.3965 New Zealand dollars)

(Reporting by Paulina Duran in Sydney; Editing by Jane Wardell and Bernadette Baum)

By Paulina Duran


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. 1.81% 2.8135 Delayed Quote.10.03%
COMMONWEALTH BANK OF AUSTRALIA 0.65% 97.24 End-of-day quote.18.43%
NATWEST GROUP PLC -0.09% 216.6 Delayed Quote.29.32%
VIEWTRAN GROUP, INC. -99.50% 0.0001 Delayed Quote.0.00%
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Analyst Recommendations on COMMONWEALTH BANK OF AUSTRALIA
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Financials
Sales 2022 24 337 M 17 143 M 17 143 M
Net income 2022 9 646 M 6 794 M 6 794 M
Net Debt 2022 - - -
P/E ratio 2022 18,3x
Yield 2022 3,94%
Capitalization 166 B 117 B 117 B
Capi. / Sales 2022 6,81x
Capi. / Sales 2023 6,63x
Nbr of Employees 44 375
Free-Float 95,7%
Chart COMMONWEALTH BANK OF AUSTRALIA
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Commonwealth Bank of Australia Technical Analysis Chart | CBA | AU000000CBA7 | MarketScreener
Technical analysis trends COMMONWEALTH BANK OF AUSTRALIA
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 16
Last Close Price 97,24 AUD
Average target price 92,97 AUD
Spread / Average Target -4,39%
EPS Revisions
Managers and Directors
Matthew Comyn Chief Executive Officer, Executive Director & MD
Alan Frank Docherty Chief Financial Officer
Catherine Brighid Livingstone Chairman
Pascal Boillat Chief Information Officer
Sinead Taylor Chief Operations Officer
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