We’re so excited to announce our recently launched partnership with Novus, the impact banking app that turns your everyday spending into a force for good. Today we sit with Novus Chief Growth Officer, Shruti Rai, to learn more about the App and the story behind.
Q: Tell us about yourself, what’s your background?
A: I am originally from India where my parents (and a fairly large extended family) still live. I went to university to study Chemistry in the capital city of Delhi and worked for a hedge fund right after. I felt after 3 years that the financial services world wasn’t for me and decided to quit and get my MBA in the US. Only to graduate 2 years later and get back into the world of financial services again! Through working so closely to the fintech industry, I began to see the obvious role that the collective power of our transactions could play to help create a more sustainable future.
Q: How did you come up with an idea to launch Novus?
A: When we found out that more than 18 billion card taps happen in the UK every year, we couldn’t help but think: what if every payment helped create positive change? With this in mind, we made it our mission to transform everyday spending into a force for good.
Many people aren’t aware that if the UK’s biggest banks and investors were a country, they’d rank 9th in the world for the carbon emissions they’re responsible for. Therefore, we think the way the banking industry currently operates needs a complete redesign – that’s where Novus comes in.
Q: How is it different from other digital banking services?
A: Novus has a number of features that you won’t find with other digital banking services. Think Monzo, but sustainable. We share our revenues with 10 different, but equally deserving, NGOs – meaning that every time you spend you’ll be helping plant trees, save turtles, donate books, and much more. Not only this, but you’ll also be able to track and offset the carbon footprint of your purchases by investing in carbon neutralising projects.
We wanted to build an all-encompassing solution for the conscious consumer, and the final piece to this puzzle was making sure that when you do spend, it’s with ethical and sustainable brands wherever possible. That’s why we’ve collated over 100 ethical brands, ranging from food and drink, through to fashion and cosmetics, into one in-app marketplace that we’ve branded the ‘lifestyle section’. You even earn cashback rewards when you choose to shop with these brands. Plus, every purchase you make through the marketplace increases the amount of impact generated by up to 100x compared to other transactions. So it’s a triple win – for your wallet, for the ethical brand you’re supporting, and the social & environmental causes you support through the app.
Q: What are the benefits of using Novus?
A: Whether you consider yourself a sustainability expert, or at the beginning of your sustainability journey, Novus makes it easy to level up the impact you can make in your day-to-day life. With Novus, just by carrying out your everyday spending, you’ll already be generating more good than you were the week before.
In terms of sustainability, the banking industry is fundamentally flawed. Huge corporations continue to invest in dirty industries. It’s in this way we want to give the banking industry a makeover and prove that you’ve got options when it comes to making your money a force for good.
Q: How easy is it to switch to Novus, what are the steps?
A: Signing up to Novus is easy – find us on App Store or Google Play to try it for yourself! Once you’ve downloaded the app you’ll go through a quick verification process (you’ll need your ID or passport for this step). Then you’ll be ready to order your card and start generating positive impact from your daily spending!
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