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Bulgarian Paynetics Powers Up ESG Commitment with Novus Acquisition

The co-founders of Novus, Hristian Nedyalkov and Andoni Piña Sigg
Image credit: The co-founders of Novus, Hristian Nedyalkov and Andoni Piña Sigg
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In a nutshell:

  • Today, Bulgarian-founded Paynetics, an e-money service provider, announced its strategic acquisition of Novus, a UK-Bulgarian challenger banking app.
  • The deal highlights Paynetics’ commitment to advancing ESG goals.

Get the details:

Novus, founded by Hristian Nedyalkov and Andoni Piña Sigg, focuses on enhancing conventional banking by blending financial services with purpose-driven initiatives, fostering positive impacts. The model allows users to contribute to a cause with every transaction, with a portion of the revenue automatically directed to an NGO selected by the customer.

Moreover, the Novus app enables users to monitor the carbon footprint generated by their purchases and offset it by supporting certified Carbon Removal Projects.

Bulgarian fintech startup Paynetics offers an issuer processing platform for B2B and B2C payment solutions, including the issuing of prepaid cards and e-wallets. 

Currently, Paynetics aims to strengthen its offerings and expand the ESG ecosystem across Europe, enabling clients to advance ESG initiatives via corporate embedded finance services.


In their own words:

“We believe in the power of people to transform the world. 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,” shared Ivo Gueorguiev, co-founder of Paynetics.

Read more:  Slovenian fintech scaleup Leanpay raises €2.5M in a Series A round

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Teodora Atanasova is a News Editor at The Recursive. She covers everything around funding rounds, exits, startups expanding to international markets, big tech opening R&D in CEE, meaningful for the ecosystem partnerships.