UK neobank Novus has been chosen to join an initiative by the Financial Conduct Authority (FCA) which aims to develop innovative products and services that aid the transition to a net-zero economy.

The bank will have access to support and engagement services to help navigate regulation and support live market testing of new products and services.

Following the success of the pilot scheme which launched in line with the Government’s Green Great Britain Week in October 2018, the ‘Green FinTech Challenge’ is part of a broader programme that uses a regulatory innovation ‘toolkit’ designed to assist firms in overcoming these transition challenges.

“Novus uses the power of technology to generate positive impact from everyday financial activity, with a goal to create an ecosystem that connects consumers’ spending habits to purpose-driven brands and impact projects,” said Hristian Nedyalkov, co-founder and chief executive of Novus. “Every time a user taps their Novus card, real-time ‘impact’ points are donated to various environmental and social causes such as funding meals, cleaning the ocean and so much more. Members can then follow their impact to see just how much of a difference they are making, as well as track and offset their carbon footprint based on their card activity.”

Nedyalkov added: “Over the last six months, Novus has built its own proprietary core banking infrastructure through various milestones – we were the first digital banking app in the UK to become a certified B Corporation™ and we are now officially live in the UK. Being accepted into the Green FinTech Challenge will help take us one step closer to becoming the ‘super app’ for the growing conscious consumer segment and we are really excited to have direct support from the FCA to help us navigate the regulatory environment as we expand our product proposition.”

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