Novus bags FCA approval to launch sustainable banking app

UK FinTech Novus has secured regulatory approval from the Financial Conduct Authority (FCA) to launch as a company later this year.

Established in 2020, Novus is a banking app that looks to generate positive impact from its users’ everyday life and rewards conscious choices. The company’s platform rewards its community with real-time impact points that can be spent, saved and tracked through the app.

Novus members can choose to use the impact points they generate in the app through everyday payments toward issues such as ocean pollution and gender inequality.

The company secured regulatory approval to operate as an Electronic Money Directive agent of Railsbank subsidiary PayrNet as well as approval to operate as a Payment Services Directive agent of Yapily-owned SafeConnect. The latter, Novus noted, will allow its members to utilise the latest open banking innovation to rapidly and securely top up their digital accounts.

Novus also recently launched the beta version of its app, which will allow the firm to offer digital accounts to send and receive payments. The beta app was offered to a limited number of individuals currently on its waiting list.

Novus co-founder and CEO Hristian Nedyalkov said, “Our app makes it easy for anyone to become more conscious as a consumer by turning their everyday actions into micro-wins for themselves, as well as the planet. Our commitment to making a positive social, economic and environmental impact is what lies at our core, and we are thrilled to have the regulatory approval of the FCA to launch Novus within the UK.”

Novus co-founder and COO Andoni Piña Sigg added, “Novus isn’t just a payments app, it’s a way of life. As a value-driven organisation, we take a holistic approach to looking after individuals’ needs as well as the collective and encourage our members to acknowledge that they can truly make a difference in the world.

“Through simply switching your debit card, you can use your regular purchases as an actual force for good, tracking your impact and even viewing your carbon footprint to see just how far your conscious lifestyle has evolved.

“Where consumers have previously been driven by accessibility, the pandemic has resulted in shopping habits changing from convenience to being more purpose-driven. In this ‘new’ world, financial services need to change for the better, and the change starts now. We are happy to have the support of the FCA on this journey.”

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