UK impact banking app Novus has reached its £900,000 crowdfunding target within minutes of launching its campaign on Seedrs as it gears up for a UK rollout this month.
The startup, which last year became a certified B Corporation in the UK, was founded by five entrepreneurs with shared experience in fintech, software, growth, and sustainability.
Users of the banking app earn “coins” from their purchases, which they can then donate to over ten causes including ocean conservation, education, hunger alleviation and reforestation.
So far, the company has received regulatory approval from the Financial Conduct Authority (FCA), signed over 100 sustainable brands, and 10 NGO partnerships. Novus is also building its own and 10 NGO partnerships. At present, the company employs 30 people.
“Whilst other banks reward their customers with points to buy more ‘stuff’, Novus helps consumers turn their everyday spending habits into a force for good, by giving back to social and environmental causes every time someone ‘taps’ their Novus card – whether that’s helping fund meals or education for those in need, empowering women, cleaning the ocean and so much more,” said Novus co-founder and CEO Hristian Nedyalkov.
The app is currently available to its investors and over 25,00 users as a part of the initial access. It plans a wider UK rollout this month.
The crowdfund, which took place in December, came six months after Novus raised over £1m in pre-seed investment.
Shruti Rai, co-founder and chief growth officer at Novus, said: “What’s more, we encourage our growing community of conscious consumers to discover and buy – when necessary – from an expanding range of over 100 ethical and sustainable brands and provide rewards for their sustainable purchases in the form of cashback, discounts, and more. Everyone can view the impact they have generated through Novus within the app, as well as track and offset their carbon footprint based on card activity.”