Bulgarian embedded finance provider Paynetics is making strides in the environmental, social, and governance (ESG) sector with its recent acquisition of the UK-based impact neobank, Novus. The financial details of the transaction remain undisclosed.
Novus, which was launched in 2022 after a successful $3 million crowdfunding campaign, offers users a unique card that donates ‘impact’ points to environmental and social initiatives of their choice each time they make a purchase. Additionally, the Novus app allows customers to track and offset their carbon footprints.
Paynetics plans to enhance Novus’s offerings while supporting clients in their ESG endeavors through its embedded finance services. Hristian Nedyalkov, CEO of Novus, stated, “Our mission at Novus has always been to create a positive impact through finance. We aim to empower consumers and businesses to succeed while contributing to societal good. With Paynetics’ expertise, we look forward to amplifying our mission and achieving new milestones.”
Based in Sofia, Paynetics has been actively strengthening its footprint in the UK market, having acquired the corporate payout card portfolio from Wirecard UK and Ireland and obtaining a UK Electronic Money Institution (EMI) license.