March 26 (SeeNews) - Bulgarian fintech Paynetics said it has acquired Bulgarian-UK digital challenger bank Novus, strengthening its commitment to environmental, social and governance (ESG) principles.
The deal will also help enhance the financial sector with Paynetics' embedded finance suite, the company said in a LinkedIn post on Monday. The financial terms of the transaction were not disclosed.
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UK-based Novus, founded in 2020, guides corporates to create a positive social and environmental impact and enables users to track and offset their carbon footprint and access cashback and rewards from 130 ethical brand partners. Novus is the first B-Corp certified digital bank in the UK.
"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," Paynetics co-founder Ivo Gueorguiev said, as quoted by UK-based media Fintech Finance News.
Paynetics, founded in 2005, is an EU- and UK-licenced e-money institution offering business-to-business payments and a digital banking platform.