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Paynetics acquires Novus in sustainability-focused finance shift
Tue, 2nd Apr 2024

Embarking on a sustainability-driven growth path, influential embedded finance provider Paynetics has acquired Novus, the UK's premier impact neobank. The strategic acquisition is set to reinforce Paynetics’ commitment to bolstering environmental, social, and governance (ESG) objectives while reshaping the finance world using its potent embedded finance capabilities.

Novus has revolutionised traditional banking norms by enabling socially conscious customers to make a difference. This is achieved through the integration of financial services with proactive, event-driven impact initiatives. The unique financial model helps users play a direct role in contributing to causes they empathise with. For every transaction completed, an automatic revenue portion is redirected to a Non-Governmental Organisation chosen by the customer. Apart from this, users can utilise the Novus app to ascertain the carbon impressions created by their purchases and offset this through recognised Carbon Removal Projects.

Paynetics plans to amplify these initiatives and extend the reach of the ESG ethos across Europe. By infusing its corporate embedded finance service with a robust ESG stance, Paynetics aims to foster business growth while enabling its clients to advance their personal ESG endeavours.

The co-founder of Paynetics, Ivo Gueorguiev, opined, "We have firm faith in the transformative power that people wield. Our acquisition of Novus dovetails with our corporate mission of catalysing business growth through innovation and agility. We envision crafting a future where a singular platform equips clients to expand their ventures whilst generating a positive societal impact."

Equally enthusiastic about this acquisition, Novus' CEO and co-founder, Hristian Nedyalkov, added, "The primary objective of Novus has always been to foster significant impact via the finance sphere. We intended on empowering all corporates and customers to achieve success while contributing positively to their surroundings. By leveraging Paynetics' customer-focused expertise, we will undoubtedly strengthen our mission and scale uncharted heights."

Given the growing public concern over sustainable action spurred by the pandemic, this unique merger between Novus and Paynetics is expected to facilitate convenient everyday banking while enabling customers to make a tangible, positive impact on their environment. As the realm of sustainable action continues to widen, this partnership could not have been better timed. Through their collaborative efforts, Paynetics and Novus aim to harmonise financial sustainability with ecological sustainability, thereby transforming everyday banking into a proactive tool for societal change.