News and resources on ESG data and technology, Impact Investing and Sustainable Finance initiatives and best practices.
Paynetics buys 'impact' banking app Novus

Paynetics buys 'impact' banking app Novus

Bulgarian embedded finance provider Paynetics is making an ESG play through the acquisition of UK 'impact neobank Novus. Financial terms were not disclosed.

Launched in 2022 following a $3 million crowdfunding campaign, Novus provides users with a card that when used for purchases donates ‘impact’ points to environmental and social causes of their choosing.

Customers can also monitor and offset their carbon footprint via the app.

Paynetics says it will expand the Novus offering while helping clients with their ESG efforts through its embedded finance service.

Hristian Nedyalkov, CEO, Novus, says: “Novus’ mission was to create impact through the lens of finance. Our vision was to empower all consumers and corporates to do well while doing good. With Paynetics’ expertise, we’ll amplify our mission and reach new heights.”

Sofia-based Paynetics has been boosting its British presence, hoovering up the corporate payout card portfolio of Wirecard UK and Ireland and securing a UK EMI licence.

Comments: (1)

A Finextra member
A Finextra member 02 April, 2024, 22:20Be the first to give this comment the thumbs up 0 likes

Any idea of the price parameters of the M&A deal? What valuation is it based on? How much does Novus get in cash, and how much - in equity (or what else)?