News

Paynetics announces strategic acquisition of Novus

Tuesday 26 March 2024 08:52 CET | News

Bulgaria-based Embedded Finance provider Paynetics has announced the strategic acquisition of UK-based neobank Novus.

 

This development highlights Paynetics’ commitment to advancing environmental, social, and governance goals while improving the financial landscape with its Embedded Finance suite. Through its approach, Novus has upgraded traditional banking by helping conscious consumers make a difference while seamlessly integrating financial services with event-driven positive impact initiatives. This corporate model allows users to effortlessly contribute to causes they feel emotionally connected to. In essence, with every transaction, a portion of revenue is automatically directed to an NGO selected by the customer. Through the Novus app, users can further track the carbon footprint their purchases generate and easily offset them via certified Carbon Removal Projects. 

Paynetics aims to further improve such offerings while expanding the ESG ecosystem across Europe, helping clients to push forward ESG initiatives through the corporate Embedded Finance service. In the official press release, representatives from Paynetics talked about the company's acquisition of Novus and highlighted that it aligns perfectly with its mission to accelerate businesses through innovation and speed. 

In turn, officials from Novus talked about Novus’ mission to create impact through the lens of finance. They also shared the company's vision to empower all consumers and corporations to achieve success while supporting worthwhile causes. Regarding the Paynetics acquisition, they expressed their hope that it will amplify their mission and help them achieve new heights.

 

Bulgaria-based Embedded Finance provider Paynetics has announced the strategic acquisition of UK-based neobank Novus.

 

Previous developments from Paynetics

In May 2023, Paynetics agreed to acquire Phyre, a digital payments application provider. The acquisition allowed Paynetics’ B2B clients to distribute financial products directly to their end-customer with a branded solution and total app control and ownership. 

At the time, officials from Paynetics said the acquisition of Phyre complimented Paynetics' existing Embedded Finance proposition by adding a full range of front-end capabilities, including fully functioning white-label apps and discrete components for their partners to create a wide range of banking and payments apps. 

In April 2023, Paynetics received its Electronic Money Institution (EMI) licence from the UK’s Financial Conduct Authority (FCA). Paynetics already held EMI licences in Europe and the UK, but this one allowed its business partners and customers to build programmes that could be deployed throughout Europe and the UK. Paynetics is a regulated e-money institution that provides end-to-end payment services across the UK, European Union and globally.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: acquisition, neobanks, fintech, embedded finance, ESG
Categories: Banking & Fintech
Companies: Novus, Paynetics
Countries: United Kingdom
This article is part of category

Banking & Fintech

Novus

|

Paynetics

|
Discover all the Company news on Novus and other articles related to Novus in The Paypers News, Reports, and insights on the payments and fintech industry: