Plastic Bank is an economic development firm that empowers disenfranchised communities to exchange any type of plastic for currency. By revealing the true economic value of plastic, the company enables recycling ecosystems to emerge around the world and stops the flow of plastic into our oceans, all while lifting communities out of poverty.
Plastic Bank provides a consistent, above-market rate for plastic waste, thus incentivizing its collection. Its IBM-powered mobile app uses world-class banking and transaction technology to empower its Collectors to open a functioning digital bank account — sometimes, the first they’ve ever had. Plastic Bank also provides the ability for local entrepreneurs to set up and operate a convenience store for the disadvantaged, in which plastic waste is the sole currency. Plastic collected through Plastic Bank is recycled and sold at a premium as Social Plastic®. The value of Social Plastic® transcends any commodity price: oceans are kept clean, impoverished communities gain access to stable income, local economies are boosted, and life necessities like food, water, and electricity become more accessible.