Thread by @SEALAwards

@chamath Chamath - stay tuned for a big announcement we are making July 28th. Plenty of commercial upside ($800mm EBIT) while generating even more of a social impact. We will open-source, so the well capitalized, whether investor/operators like you or Fortune100 can best scale. - Matt

@chamath Chamath - This is climate action related opportunity that we estimate can generate $1.1 bn to $3.0bn of pre-tax income...

.. WHILE generating donations greater than any environmental charity:

Full Memo: sealawards.com/wp-content/upl…

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@chamath Here are excerpts of the investment case:

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@chamath Even at the scale of and ....this is a meaningful profit pool. Of course, if the @AmericanExpress and @Chase types don't have the agility here, I am sure socially minded, nimble investors like you or @sacca can see the opportunity here.

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@chamath @AmericanExpress @Chase @sacca The 1st mover here has the financial services equivalent of a Jordan/Nike or Apple/iPhone opportunity:

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@chamath @AmericanExpress @Chase @sacca This is a blue ocean opportunity - literally and figuratively:

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@chamath @AmericanExpress @Chase @sacca That compared to the mature, brutally competitive traditional cards market, @EcoRewardsCard taps into a large and growing addressable market that is often underestimated:

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ... and the @EcoRewardsCard would have a powerful marketing flywheel in that growing market:

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ...that would appeal to various demographics

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ...and the @EcoRewardsCard has a strong clarity of purpose = saving the environment. Something parents care about. This is a differentiated card.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ...that generates an *exceptionally high* referral rate

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ...which rapidly accelerates the time to scale. You know the power of a k-factor in a way or might not be used to.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ...and these marketing efficiencies would help drive higher profitability for the @EcoRewardsCard. And cards are already have attractive returns on capital.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard ...and @EcoRewardsCard would have a better customer base, with lower promotional bonuses and by definition non-maximizers. So the card avoids the unprofitable r/churning / @thepointsguy types.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy You probably are asking "how is this possible?" Answer = competes on different level

“Not everyone can work for @greenpeaceusa or become the next @GretaThunberg, but anyone can use
a sustainable rewards card.”

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg ...and our primary research - *sample size of over 3,000* plus 100+ 1-to-1 interviews - bears this out:

1. Your level of concern about climate change is a very strong predictor of card interest.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg 2. Feeling you were making a positive difference on the environment was the most cited driver of @EcoRewardsCard sign-ups.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg 3. Your degree of belief that using the @EcoRewardsCard will positively help has a strong predictive value on sign-up possibility.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg This is the Rosetta Stone of how a social purpose card actually works and why the small category of charity affinity cards (like BofA's @WWF card) have low awareness and limited scale.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg @WWF Social purpose cards - whether @EcoRewardsCard for climate change or #BlackLivesMatter - will be the growth area of the 2020's in cards. Especially with COVID19 hurting airline cards and even premium cards like Chase Sapphire that focus on travel benefits.

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg @WWF There is even more in the 41 page memo (sealawards.com/wp-content/upl…).

And our data is fully open-sourced to the banks AND investors/operators that can *make* this happen.

- Matt from @SEALAwards

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@chamath @AmericanExpress @Chase @sacca @EcoRewardsCard @thepointsguy @greenpeaceusa @GretaThunberg @WWF With a special thank you to @Safa_Bee and the 2020 @SEALAwards Impact Team (sealawards.com/impact-team-20…)

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