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Novus World

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The impact banking app that turns your everyday spending into a force for good

121%
 - 
Funded 17 Jan 2022
£900,000 target
£1,106,050 from 501 investors
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Business overview

Location London, United Kingdom
Social media
Website www.novus.world/
Sectors Finance & Payments Digital B2C
Company number 12558352
Incorporation date 16 Apr 2020
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Investment summary

Type Convertible
Discount 20%
Tax relief

EIS

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Business highlights

  • 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
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Key features

  • Secondary Market
  • Nominee investment min. £10.00 +
  • Direct investment min. £25,000.00 +

Learn more about convertible campaigns.

Idea

Introduction

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 UK’s biggest banks and investors were a country, they would rank 9th in the world for carbon emissions. And while there are more than 29 million people in the UK looking to adopt a more sustainable lifestyle, making a difference can feel challenging, unrewarding and insufficient.

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.

Substantial accomplishments to date

Led by an inter/national maths olympian and former tech investor, Hris Nedyalkov, we are now a team of over 25 people with previous experience within high-growth fintechs including Starling Bank, Monzo, Holvi, Bunq, Remitly, Moneybox and Ripple amongst others.

Key achievements in the past 6 months:

☑️ Raised £1.1M in an oversubscribed pre-seed round from high value-add institutional and angel investors

☑️ Partnered with mission-aligned organisations such as Visa, Railsbank, Marqeta and others, which allows us to pass on even more impact to our NGO partners

☑️ Launched live app in the UK banking system with 200+ Beta users

☑️ Rapid growth of our waitlist with over 25,000 people on the waitlist

☑️ Authorised by the UK FCA with an Electronic Money & Open Banking Agency license

☑️ Based on market research, one of very few fintechs to build our own proprietary banking engine

☑️ Signed up more than 100 ethical and sustainable brand partners as part of our marketplace

☑️ Features in mainstream and fintech press including: The Telegraph, The Sunday Times, Finextra, FintechFutures, Startup Magazine, The Fintech Times, Business Cloud

☑️ Ready to publicly launch to our waitlist and beyond as early as the end of this year

☑️ Became the first UK digital only banking app to become a Certified B Corporation™

Monetisation strategy

We are 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:

1️⃣ 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.

2️⃣ 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.

3️⃣ 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.

4️⃣ 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.

We also plan to develop the following revenue streams in the future:

☑️ Impact investments

☑️ Ethical Business banking

☑️ Premium account packages

☑️ Lifestyle-aligned insurance

☑️ Green lending

☑️ Ethical savings

Use of proceeds

In preparation for our seed round (target goal of £5mn+) in Q2 2021, investment from our crowdfunding convertible round will be used predominantly in three key areas:

☑️ TALENT (50%) - continuing to strengthen our highly skilled team across customer experience, compliance, payments and tech functions for our next phase of growth

☑️ PRODUCT & TECH (30%) - continued releases of new products and features on our roadmap and coverage of operational product and tech costs

☑️ BRAND AWARENESS (20%) - after spending time testing messaging, creatives and channels we’ll be scaling our existing marketing efforts to accelerate our brand awareness

Investor Perks

We will generate the impact on your behalf through our network of highly efficient and transparent NGO partners - which will be reflected in your Novus app when you sign in with the same email used for Seedrs.

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company and listed above. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

Key Information

Convertible key terms

This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement".

The key terms that apply to the Company’s advanced subscription agreement are set out below. See also attached Key Terms document for further details.

• Discount – conversion at a 20% discount to the valuation set by a Trigger Event.

• Valuation cap of £15,000,000

• Conversion is triggered by ("Trigger Events"):

o An Equity Fundraise – defined as the Company raising investment capital of at least £750,000 from one transaction or a series of transactions, in exchange for the company issuing of ordinary shares;
o A Change of Control of the company (transfer of more than 50% of the share capital); or
o An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.

• Longstop Date is 6 months from the date of the advance subscription agreement.

• If conversion has not been triggered by the Longstop Date shares will be issued on the longstop date at the Default Share Price, which is the lower of:

o the lowest price of any shares issued after the date of this Agreement; and
o a price per share of £1.827964, based on a company valuation of £9,000,000

• The convertible would also convert to equity at the Default Share Price in the event of winding up or liquidation of the company.

Outstanding debt

Please note company has outstanding director loans totalling £184,537. These are funds the directors injected in the company to run operations during the bootstrapping phase. These are loans with zero interest, no maturity date and no immediate plans for repayment.

Please note funds raised as part of this round will not be used to repay these loans.

Lead Investor Anti-Dilution Rights

Please note that the current lead investors in the Company have full ratchet anti-dilution protection up until the point the Company raises a £1million round. In the event the Company issues any shares at a price below £1.279576 (the lead investors’ original subscription price), then the investors will be issued additional shares so that their shareholding is equivalent to the shares they would have received had they originally invested at the lower share price.
Seedrs investors are not being offered this right as they will benefit from EIS relief.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Novus World has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 19 November 2021 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from Convertible

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

Find out more

Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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