Paynetics, a leading embedded finance provider, has recently acquired Novus, the UK’s top impact neobank, in a move towards a sustainability-driven growth strategy. This strategic acquisition is aimed at strengthening Paynetics’ commitment to environmental, social, and governance (ESG) objectives while utilizing its powerful embedded finance capabilities to reshape the financial landscape.
Novus has disrupted traditional banking by allowing socially conscious customers to make a difference through the integration of financial services with impact initiatives. Their unique model enables users to contribute to causes they care about with every transaction, redirecting a percentage of revenue to an NGO chosen by the customer. Additionally, users can track and offset the carbon footprint of their purchases through recognized Carbon Removal Projects using the Novus app.
Paynetics plans to expand these initiatives and promote the ESG ethos across Europe by infusing its corporate embedded finance services with a strong ESG perspective. By doing so, Paynetics aims to drive business growth while helping clients advance their personal ESG goals.
Co-founder of Paynetics, Ivo Gueorguiev, believes in the transformative power of people and sees the acquisition of Novus as aligning with their mission of driving business growth through innovation. The goal is to create a platform that enables clients to expand their businesses while making a positive societal impact.
Likewise, Novus’ CEO and co-founder, Hristian Nedyalkov, is excited about the acquisition and sees it as an opportunity to further their mission of fostering significant impact in the finance sector. By leveraging Paynetics’ expertise, they aim to strengthen their mission and reach new heights.
Amidst growing public concern for sustainability, fueled by the pandemic, the merger of Novus and Paynetics is expected to provide customers with convenient banking options while allowing them to have a tangible, positive impact on the environment. This partnership comes at a crucial time, as the focus on sustainable actions continues to increase. Together, Paynetics and Novus hope to merge financial sustainability with ecological sustainability, making everyday banking a vehicle for societal change.
