Bulgaria's Paynetics acquires Bulgarian-UK Novus to drive ESG goals

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.

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.