- Bulgaria-based embedded finance firm Paynetics has acquired Novus, a B-Corp-certified digital bank in the UK.
- Novus, founded in 2020, is an “impact neobank” that enables users to monitor their carbon footprint and earn cashback for sustainable purchasing choices through its app.
- Novus users can obtain rewards from 130 ethical brand partners and offset the carbon footprint of their purchases by participating in certified Carbon Removal Projects via the app.
- Paynetics’ acquisition of Novus is aimed at enhancing such offerings and expanding the environmental, social, and governance (ESG) ecosystem across Europe.
- The deal will also help Paynetics’ clients advance social and environmental initiatives through its embedded finance solution.
- Paynetics secured an electronic money institution (EMI) license from the UK’s Financial Conduct Authority (FCA) last year.
- The Sofia-headquartered company offers both B2B and B2B2C solutions, including card acceptance and issuance, and digital wallets.
Bulgaria’s Paynetics acquires UK neobank Novus
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