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Novus

Logo of Novus

<div>The digital banking app generating positive impact from your everyday life &amp; rewarding your sustainable choices.&nbsp;</div>

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27/09/2021 Banking Innovation

About

The impact banking app that turns every payment you make into a force for good.

Innovation presentation

People use their payment cards billions of times each day. Imagine if every tap could generate a positive impact on the world around us, with no extra cost to the consumer?

This is the thought that sparked Novus.

Millions of people live in extreme poverty; natural ecosystems are being destroyed; food systems are in crisis; and yet political systems continue to divide us. Technology has the ability to connect us all and create the kind of macro-changes needed to turn this around.

That’s what we’re doing here at Novus.

We know that we need to change the way we live, and the way we spend, to restore the planet. But making a positive impact on the planet every day can feel impossible to achieve.

“My individual actions are not enough to change the world.”

Novus wants every person in the UK to stop believing that.

Created by five entrepreneurs with shared experience in fintech, software growth and app development, we are a value-driven organisation with a vision to become the ‘Super App’ for the growing conscious consumer segment. We plan to practice our core values of transparency, empowerment, community, diversity and positive mindset to promote, inspire and create meaningful change in the world.

Novus is a ‘next generation’ banking and lifestyle tool that uses the most advanced technology to generate positive impact from everyday financial activity. With the added support of an in-app marketplace, members can discover and buy from an expanding range of ethical and sustainable brands whilst receiving rewards for their ‘smart’ purchases in the form of cashback, discounts and a range of other benefits.

By combining ethical values with a modern, forward-thinking approach to banking, we are working collaboratively towards a more inclusive and sustainable future. Every time you ‘tap’ your Novus card, we contribute to the causes closest to your heart, generating impact points as you spend and save. We reward our community of ‘conscious consumers’ with real-time impact points that automatically fund various social and environmental causes. You can then track your impact and even view your carbon footprint to see just how far your conscious purchases have gone.

At the core of our business we share our revenue with 10 impact partners so that every payment is helping to support the causes that matter most to you. Carefully selected for their contributions towards positive social, environmental and/or economic change, the 10 NGOs you’ll be able to support through the app are:

- book distribution charity, Book Aid International

- ‘period poverty’ charity and educator, Bloody Good Period

- blindness prevention and disability rights charity Sightsavers

- sustainable provider of clean and safe drinking water, charity: water

- malaria protection charity, Against Malaria Foundation

- the UK’s longest running food distribution charity, FareShare

- conservation programme SEE Turtles

- coral reef and coastal ecosystems restoration programme, Coralive

- tree-planting initiative Eden Reforestation Project

the international charity working to combat poverty and climate change, SolarAid.

Novus isn’t just a digital banking app – it’s a way of life. Our next-gen technology allows you to turn everyday actions into micro-wins for you, people and the planet. Just by switching your debit card to Novus, your regular financial activities can be used as an actual force for good. Banking needs to change for the better, and the change starts now.

We have successfully secured regulatory approval to operate as an Electronic Money Directive (EMD) Agent of PayrNet Limited (Railsbank). In the last 9 months we’ve amassed a waitlist of more than 24,000 sign ups and are currently in the final stages of our beta launch roll out in the UK.

Uniqueness of the project

Novus is the impact banking app that gives you the power to make a positive impact – each and every time you use your card. We build communities of people who want to make the biggest impact with their money – and unleash their collective spending power to support charities, impact projects and businesses that are building a better world.

There are of course competitors. We are seeing challenger banks like Monzo or Revolut offering a much more digitised experience of a traditional bank with a focus, primarily, on better user experience. However, there has been no real change in the fundamental business model itself, and that’s where we see the uniqueness of Novus.

We are not another challenger bank that promises a better experience or ease of use compared to traditional banks; we are on a mission to change the way banking has worked so far for the modern, more conscious consumer.

We have many stand out differences:

Many established ethical banks are stuck in the past. With Novus you can enjoy a digital banking experience that makes it easy to manage your money for today and tomorrow.

Others take control of your money and make it ‘do good’ on your behalf. With Novus you’re in control of the impact you can have on the world, for every purchase you make.

Others talk of sustainability. With Novus you can have an active role in restoring, nurturing and creating the world you want to live in and as such be a part of creating a renewed, better world.

Others focus on ‘you’ and ‘your money’. With Novus you are never alone in your pursuit of positive change, you are connected to countless others working together. From how many meals you’ve shared, to how many books you’ve donated, you’re able to see your impact in tangible terms, on both an individual and collective level.

Others offer a ‘closed’, finance-focused experience. With Novus you can discover more brands working to build a better world, and be rewarded for choosing to shop with ethical brands.

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