Paynetics, the Bulgaria-based embedded finance firm, has taken a step forward by acquiring Novus, a UK-based B-Corp-certified digital bank, for an undisclosed sum. Novus, founded in 2020, is an “impact neobank” offering users the ability to track their carbon footprint and benefit from cashback for making sustainable purchases through its app.Â
The app partners with 130 ethical brands and allows users to participate in certified Carbon Removal Projects to offset their purchases’ carbon footprint. Additionally, with every transaction, Novus directs a portion of its revenue to an NGO chosen by the customer.
A Strategic Expansion into Sustainable Banking
This acquisition marks a strategic move for Paynetics, enabling it to bolster its environmental, social, and governance (ESG) ecosystem across Europe. It aligns with Paynetics’ goal to advance social and environmental initiatives through its embedded finance solutions.
This news follows Paynetics’ achievement last year of securing an electronic money institution (EMI) license from the UK’s Financial Conduct Authority (FCA). The Sofia-headquartered company is known for offering a wide array of B2B and B2B2C solutions, including card acceptance and issuance, as well as digital wallets.
With this move, Paynetics is set to empower more customers to make ethical consumption choices easily. The integration of Novus’s rewards system for sustainable purchasing into Paynetics’ suite of services will likely encourage more consumers to consider the environmental impact of their spending, fostering a culture of conscious consumption.
