Paynetics Buys UK Neobank Novus to Focus on ESG Offerings

Paynetics, one of the leading financial service providers, has announced the acquisition of a UK-based neobank known as Novus.

Paynetics’ acquisition of Novus comes as the financial company sets its sights on environmental, social, and governance (ESG) objectives. Besides focusing on ESG, Paynetics is also working on improving offerings in the financial service industry using a variety of finance products.

Many companies have been working to meet their ESG goals. The focus on environmental sustainability is to attract both investors and customers. Paynetics is not being left behind as seen in its acquisition of Novus.

Payments Acquires Novus to Lead ESG Charge

Novus has had a significant impact on the neobanking industry. The neobank has become a household name by integrating financial services with events that have a positive impact on society. Paynetics is also working to upgrade the traditional banking industry by giving consumers the ability to make a difference.

Novus also uses a unique corporate model with which users can contribute to causes that they can work with. A majority of the portions given as revenue goes towards an NGO of the customer’s choice after a transaction is complete.

Novus is one of the most popular neobanking institutions in the UK. The Novus app allows consumers to track the carbon footprint generated by their purchases. Users also have a chance to offset their carbon footprints using certified Carbon Removal Projects.

The services offered by Novus towards environmental sustainability have become popular among consumers focused on ESG. The acquisition of Novus by Paynetics seeks to help the latter move closer to meeting its ESG goals.

The co-founder and CEO of Novus, Hristian Nedyalkov, noted that the company was committed to meeting its financial goals. With the expertise offered by Paynetics, the company wanted to fulfill its mission and reach new levels.

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

Paynetics Is Expanding Its Services Across Europe

Paynetics plans to use the offerings by Novus to expand its neobanking offerings across Europe. The company is planning on expanding its ESG ecosystem across Europe by equipping clients with innovative initiatives using corporate-embedded financial services. These offerings seek to promote a more sustainable future.

The co-founder of Paynetics, Ivo Gueorguiev, opined that the company believed in the power of people to transform the world. The acquisition of Novus by Paynetics sought to align with the company’s mission of accelerating the growth of its business using speed and innovation. The company also wanted to create a future to empower clients and have a positive impact.

One of the areas that Paynetics is working on is enabling program managers to compete with fintechs. Paynetics is now working towards taking embedded finance to the next level by supporting ESG offerings in the financial service industry.