Bulgaria’s Paynetics acquires Bulgarian-UK neobank Novus

Bulgaria’s Paynetics acquires Bulgarian-UK neobank Novus

Novus is a B-Corp certified digital bank in the UK that allows users to monitor their carbon footprint and earn cashback for sustainable purchasing choices through its app.

By bne IntelliNews March 28, 2024

Bulgarian embedded finance company Paynetics said it has acquired Novus, a B-Corp certified digital bank in the UK, for an undisclosed sum, in a move aimed to strengthen its commitment to environmental, social and governance (ESG) principles.

“This deal not only reinforces our dedication to ESG but also marks a significant leap forward in revolutionising the financial sector with our cutting-edge embedded finance suite,” Paynetics said in a post on LinkedIn.

Novus, founded in 2020, enables users to monitor their carbon footprint and earn cashback for sustainable purchasing choices through its app, where customers can obtain rewards from 130 ethical brand partners.

“We believe in the power of people to transform the world. Paynetics’ acquisition of Novus aligns perfectly with our mission to accelerate businesses through innovation and speed. Together, we’ll create a future where a single platform empowers clients to grow while making a positive impact,” Ivo Gueorgiev, co-founder of Paynetics, said.

Following the acquisition of Novus, Paynetics will expand the ESG ecosystem across Europe empowering their clients to push forward ESG initiatives through the corporate embedded finance service.

#Bulgaria #bneTech #tech #technology #M&A

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