Paynetics, an integrated finance company located in Bulgaria, has paid an unknown amount to purchase Novus, a digital bank in the UK accredited as a B-Corp.
Paynetics, an integrated finance company located in Bulgaria, has paid an unknown amount to purchase Novus, a digital bank in the UK accredited as a B-Corp.
Novus is a self-described “impact neobank” that was founded in 2020. Through its app, users can track their carbon footprint and receive compensation for making sustainable purchases. The app also offers incentives from 130 ethical brand partners.
Through the app, customers may also employ certified Carbon Removal Projects to offset the carbon footprint of their purchases.
Every transaction, according to the neobank, automatically donates a percentage of its profits to a non-governmental organization that the consumer has chosen.
Through the usage of its embedded finance solution, Paynetics believes the agreement will assist its clients advance social and environmental activities while allowing the company to "enhance further such offerings while expanding the environmental, social, and governance (ESG) ecosystem across Europe."
The development comes after Paynetics declared earlier in the year that it had obtained an electronic money institution (EMI) license from the Financial Conduct Authority (FCA) of the United Kingdom.
The firm, based in Sofia, provides digital wallets and card acceptance and issuance as well as B2B and B2B2C solutions.
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