Bulgaria’s Paynetics acquires UK neobank Novus
Bulgaria-based embedded finance firm Paynetics has acquired Novus, a B-Corp certified digital bank in the UK, for an undisclosed sum.
Paynetics acquires Novus for undisclosed sum
Founded in 2020, Novus, a self-described “impact neobank”, enables users to monitor their carbon footprint and earn cashback for sustainable purchasing choices through its app, where customers can obtain rewards from 130 ethical brand partners.
Additionally, users can offset the carbon footprint of their purchases by participating in certified Carbon Removal Projects via the app.
The neobank claims that with every transaction, a portion of revenue is automatically directed to an NGO selected by the customer.
Paynetics says the deal will enable the firm to “enhance further such offerings while expanding the environmental, social, and governance (ESG) ecosystem across Europe”, while also helping its clients to advance social and environmental initiatives through the use of its embedded finance solution.
The news follows Paynetics’ announcement last year that it secured an electronic money institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
The Sofia-headquartered company offers both B2B and B2B2C solutions including card acceptance and issuance and digital wallets.
