Novus Discussion & Feedback

Anyone tried this? Just signed up, waiting for verification.

Claim to be the “UK’s first B Corp certified neobank” (I had to Google what that meant)

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I looked at it - seems like it has some potential to it.

However it isn’t protected by the FSCS and the app, while nice looking, seems limited in features as does the bank itself.

I’m also not 100pc sold on the whole “Ethical banking” in terms of individual responsibility, much rather see what the overall organisation are doing in terms of who it will allow for deposits, investments etc

So, potentially in the future, but just not yet.

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I recognise that hideous card

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I thought you had to have FSCS protection in order to be permitted to call yourself ‘bank’ (neo or not). Did I misunderstand that?

Where from?

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Probably just from the monster card design thread

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Oh I though there was a story to go with it

An interesting story

One that starts “‘‘twas back in the summer of ‘20”

Nevermind :disappointed:

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They are “registered” with the FCA if that helps. I don’t know enough about what you need to call yourself a bank :slight_smile:

EDIT: I belive they seem to operating as a “Revoult like” electronic money account.

Don’t think it’s from there, I haven’t seen the card before

Interesting they’re using Apple’s custom designed chip in their card render. Given this chip was custom designed by Apple for use exclusively in their Apple Card, I doubt this is what the chip is going to look like in their actual card.

Not uncommon for startups and small companies to do with this with their mock-ups but I really don’t like it. It’s a false representations and rubs me the wrong way. Comes off a little cheap like they just downloaded a free fan made Apple Card asset pack. With that said, a B corp neobank? Love to see it!

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Hate the look of the app, deffo a pass from me

I wouldn’t call a payment card a neobank.

Just how ethical are you if you nick other companies’ brand assets and intellectual property?

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That is a crazy card! Makes me nostalgic for the 90s :sweat_smile: I’m actually glad to see someone doing something different and bold.

With the recent/upcoming launch of Tred, it seems like the ethical ‘banking’ space is heating up. Good to see.

https://tred.earth/

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Nobody should ever be nostalgic for the 90s

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Brutal :joy:

The 90s were ace

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No. It was the decade that invented foam parties

Bad things happened at foam parties :joy:

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A bank needs to legally be authorised as a bank to legally call themselves a bank.

  • Firms cannot call themselves a ‘bank’ until they are authorised.

The use of certain sensitive words such as ‘bank’ and ‘banking’ in registered company names is controlled by legislation in order to prevent the public from being misled. Firms cannot call themselves a ‘bank’ until they have been authorised. Firms must take care when liaising with press, prospective investors, and posting on social media, in referring to said firm(s) prior to obtaining authorisation.

Firms may begin the application process as ‘Example Ltd’ but only when they are authorised as a bank can they call themselves ‘Example Bank Ltd’.

Firms must seek the FCA’s consent before using domain names that include sensitive words including ‘bank’ and ‘banking’. There is further information on the FCA’s Sensitive business name.

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Thanks, useful insight.

In Novus case I believe they they authorised by the FCA but are not part of the FSCS Scheme

Being authorised by the FCA and having a banking licence are two different things. Every firm needs to be authorised by the FCA to deal with people’s money, but you need a banking licence to call yourself a bank.

Not sure if “neobank” would technically be an exception and so they’re skirting the rules?

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