Novus Discussion & Feedback

Thanks, useful insight.

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

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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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Novus, and that logo, make it feel like a community pharmacy. It’s very corporate and bland.

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Having had a look through the app. Seems very clumsy, especially the section where you choose which transactions contribute to certain causes. Hopefully they can simplify this over time.

I made a transfer to & from Monzo which went through instantly. Also was able to add the card to Google Pay and it worked fine in a shop, even though they say it’s not supported…

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Novus have just randomly decided to remove the outgoing transfer facility over Easter.

A bit of warning would have been nice!

Have added some Golden Tickets for Tred to the wiki.

Grab ‘em and growl kids.

404 not found for me. Please DM me

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I have.

Seems there is a fix for the URLs which don’t resolve. I’ve DMed you, let me know if this works…

Wiki URLs changed to ones which link somewhere. There are only five referrals from me, one has already gone, and they kinda worthless tomorrow when the waitlist opens up. Good luck!

Seems they are shutting their customer facing business. All accounts being closed

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https://www.novus.world/novus-closing-update

I was going to say source as nothing came up initially but then on the third refresh this did

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And looks like they’re recommending that customers switch to :mondo: :tada:

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In some ways a shame, I liked the ethos and, from what I saw, they did seem to be on the right side of “green” in that it didn’t seem to be too much greenwashing.

But the app didn’t seem like, well, a bank. I think they’de have been better off going down the route of Snoop etc

I’m just glad I got the card before they shut shop. Still annoyed for missing Dozens!

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The card is one of the worst though. Like some weird Magic Eye poster. And Dozens was nice mmmmmm

Couldn’t ever see this app going mainstream. Something better built into existing banking apps, really.

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Hope Monzo can cope with those seventeen extra customers signing up.

Realistically though, Novus was never going to make money as a consumer bank was it? Don’t get me wrong, nice idea, but not financially viable.

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Got to be some sort of record. Eight months from launch to throwing in the towel.

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I wasn’t commenting on Novus’s customer base or their viability, both of which I couldn’t even comment on as I didn’t look into them beyond download an n+1 app and sign up for the card then forget forever

I simply remarked that it’s nice to see a B-Corp endorsing Monzo as an alternative when they could’ve easily not said anything or recommended Triodos instead

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Oh yes, I agree with that :+1:

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I forgot about Bó. How could I forget about Bó?

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