Bulgaria’s Paynetics Acquires UK-based Novus To Advance ESG Goals

Bulgaria’s Paynetics Acquires UK-based Novus To Advance ESG Goals - Carbon Herald

Paynetics, a Bulgarian embedded finance provider, has announced the strategic acquisition of UK-based neobank Novus in a move to advance its environmental, social, and governance (ESG) goals while revolutionizing the financial sector with its embedded finance suite.

Novus has pioneered a novel approach to banking, empowering conscious consumers to make a positive impact by seamlessly integrating financial services with socially and environmentally impactful initiatives.

Through the company’s platform, users can allocate a portion of their transaction revenue to nonprofits of their choice, while also monitoring and offsetting their carbon footprint through certified carbon removal projects.

With this acquisition, Paynetics aims to enhance these offerings and expand the ESG ecosystem across Europe, enabling clients to drive such initiatives through corporate embedded finance services.

“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 Gueorguiev, co-founder of Paynetics, said in a comment.

In turn, Hristian Nedyalkov, CEO and co-founder of Novus, said, “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.”

Relevant: Spinnaker Capital Announces Strategic Investment In Carbon Finance Firm Respira

This move follows Paynetics’ previous acquisition of Phyre, a digital payments application provider, in May 2023.

The integration of Phyre bolstered Paynetics’ embedded finance proposition by offering a comprehensive suite of front-end capabilities, including fully customizable white-label apps and discrete components for partners to develop various banking and payments applications.

Additionally, in April 2023 Paynetics secured its electronic money institution (EMI) license from the UK’s Financial Conduct Authority (FCA), enhancing its regulatory standing and enabling the deployment of programs throughout Europe and the UK.

As a regulated e-money institution, Paynetics provides end-to-end payment services across the UK, European Union, and globally.

Read more: “Carbon Finance Is A Major Opportunity To Transform Lives At Scale,” Euan McDougall, Chief Operating Officer, DelAgua

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