Novus World, the impact banking app that aims to turn everyday spending into a “force for good,” has raised 111% (£999,860) of its £900,000 target from 269 investors (at the time of writing) via Seedrs with 24 days left in its crowdfunding campaign.
Based in London, United Kingdom, Novus World operates in the Finance & Payments sectors (Digital B2C). Incorporated in April 2020, the company’s investment summary is as follows: Type Convertible; Discount 20%; Share price N/A; Tax relief; EIS.
The firm’s business highlights are as follows:
- Live app with 200+ Beta users and 25,000+ people on the waitlist
- One of the few fintechs to build their own core banking engine
- UK FCA registered and Certified B Corporation™
- 100+ ethical brand partners and 10 NGOs signed pre launch
The company’s key features: Secondary Market; Seedrs nominee min. £10.00 +; Direct investment min. £25,000.00 +.
As noted by the firm’s management:
“Meet Novus, the B Corp™ impact banking app that gives you the power to make a positive impact – each and every time you use your card.”
According to a 2021 study by WWF and Greenpeace, if the United Kingdom’s largest banking institutions and investors were actually a country, they would “rank 9th in the world for carbon emissions.”
And while there are over 29 million people in the UK looking to adopt a more sustainable lifestyle, “making a difference can feel challenging, unrewarding and insufficient.”
As mentioned in the update:
“We’re on a mission to build the super app for the conscious consumer – starting with making positive impact as easy as making a payment.”
Here’s how it works:
- DIGITAL BANKING – intuitive digital banking features that “make it easy to manage your money and create positive impact.”
- IMPACT GENERATION – we share part of our revenue with NGOs, you “choose which causes you’d like your everyday spending to help support.”
- SUSTAINABLE MARKETPLACE – “discover 100+ brands working to build a better world, and have your ethical spending rewarded with cashbacks.”
- CARBON TRACKING & OFFSETTING – “connect directly with projects that can help you lead carbon neutral lifestyle.”
Here’s the firm’s monetization strategy:
The company says they’re “developing an all-encompassing solution for a high value and rapidly growing segment of the market (i.e. the conscious consumer), with multiple revenue streams from the onset.”
- MONTHLY SUBSCRIPTION FEE (starting at £1.0 per month with free trial period) – Novus plans to “charge a fair monthly subscription for our ecosystem of sustainable financial and lifestyle services.”
- BRAND COMMISSION FEE (2.0% – 20.0% per transaction) – we have 100+ ethical & sustainable merchants who will “pay a commission to offer their products to the Novus community of mission-aligned people.” We “share a part of this fee automatically with the impact cause of your choice within the app.”
- INTERCHANGE FEE (0.2% per transaction) – this is the classic debit card fee we “receive whenever a customer makes a purchase.” We “share a part of this fee automatically with the impact cause of your choice within the app.”
- CARBON OFFSETTING FEE (5.0% – 10.0% per carbon offset unit) – Novus is “making it easy for people to connect with exciting projects that allow them to offset their carbon footprint and is taking a margin on this feature.”
The firm also plans to develop the following revenue streams in the future:
- Impact investments
- Ethical Business banking
- Premium account packages
- Lifestyle-aligned insurance
- Green lending
- Ethical savings
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!