Paynetics Acquires Neobank Novus to Charge its ESG Mission
Leading embedded finance provider Paynetics has announced the acquisition of Novus, the UK’s first-ever ‘impact neobank’.
The deal underscores Paynetics’ commitment to advancing its environmental, social and governance (ESG) goals while continuing to serve the financial services industry with its embedded finance suite.
Paynetics: Leading the ESG charge with Novus
As an ‘impact neobank’, Novus has made a name for itself by seamlessly integrating financial services with event-driven positive impact initiatives, and upgrading traditional banking by empowering conscious consumers to make a difference.
Novus’ unique corporate model allows its users to contribute to causes they feel connected to, with a portion of revenue automatically directed to an NGO of a customer’s choice upon the completion of any transaction.
The Novus app has also become popular for enabling consumers to track the carbon footprint that their purchases generate, providing options for users to offset these footprints via certified Carbon Removal Projects.
Indeed, the kinds of services provided by Novus made it onto our list of Top 10 Sustainability Trends for 2024.
Hristian Nedyalkov, CEO & Co-Founder of Novus, says: "Novus' mission was to create impact through the lens of finance. Our vision was to empower all consumers and corporations to do well while doing good. With Paynetics’ expertise, we’ll amplify our mission and reach new heights.”
Now that Paynetics has Novus under its wing, it hopes to enhance to neobank’s offerings further while expanding the ESG ecosystem across Europe by empowering clients to push forward initiatives through the corporate embedded finance service for a more sustainable future.
Ivo Gueorguiev, Co-founder of Paynetics, adds: “We believe in the power of people to transform the world.
“Paynetics’ acquisition of Novus aligns perfectly with our mission to accelerate businesses through innovation and speed. Together, we’ll create a future where a single platform empowers clients to grow while making a positive impact.”
Last year, we spoke with Gueorguiev about the ways embedded finance is helping programme managers compete with fintechs. Now, Paynetics is taking embedded finance to bolder heights in support of ESG across the financial services sector.
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