Banco Sabadell (BME:SAB), a Spanish multinational financial services company headquartered in Alicante and Barcelona, Spain, has reportedly invested €2.5 million in Nomo, an inhouse incubated initiative that spun out from the banking institution. The startup offers various business management tools for SMEs and sole traders.
Nomo, which offers freelancers and small businesses with an all-in-one app for managing their everyday finances, now claims around 100,000 users. The Fintech startup claims that its user base has almost tripled during the past year.
Currently available for iOS and Android users, the Nomo Fintech app consolidates receipts and business invoices, organizes and calculates expenses and sales, performs account aggregation and also reconciles different accounts against banking transactions.
The Nomo app also examines and analyzes the quarterly results of sole traders and determines in real-time the tax return payable at the end of every quarter. Additionally, the app provides an agent management service for filing taxes, generating and managing accounting books, and also “unlimited” consultancy visits.
Operating a 100% software-as-a-service (SaaS) type digital platform, the firm’s Premium paying clients have increased considerably through its subscription model. The company is now expecting to onboard even more customers in the foreseeable future.
Much of this growth has come after the COVID-19 outbreak, which has led to many businesses taking their financial management and related processes a lot more seriously. Nomo’s management stated that during the Coronavirus crisis, their business has grown by around 30% every month when compared to pre-Covid levels.
Nomo also noted that the additional investment from Banco Sabadell will allow it to create new financial service capabilities and will also help with expanding its workforce to around 30 professionals.
As mentioned on its website, Nomo aims to “unify the management of your business in one place.” There are reportedly more than 80,000 freelancers that now “trust” Nomo. The app helps users handle daily tasks without all the paperwork so that they can save as much as 25 hours of work per month.
The Nomo program allows users to control all their accounts from the app itself or through the firm’s website.