Numo, an inhouse fintech incubator created by PNC Bank, has spun out its first-stand alone startup, indi, which provides a mobile-based tax management and savings product for sole traders and gig economy workers.
Billed by the bank as a new model for corporate-backed innovation and entrepreneurship, numo identifies opportunities and builds fintech products from the ground up, leveraging in-house capabilities that span research, product design, software development, sales and marketing, with the intent of spinning out viable, standalone companies.
Available in beta by invitation, indi is an FDIC-insured account held at PNC Bank with a Visa prepaid debit card and mobile app for iOS and Android. The app comes equipped with a variety of smart savings and expense management features to help users prepare for their year-end tax filings.
“We saw an opportunity for a bank to build a product from the ground up that caters to the dynamic lifestyles of independent workers,” David Passavant, CEO of numo, says. “As a mobile-first product, indi offers real-time income and expense tracking features that alleviate some of the pain points experienced by 1099 workers.”
The indi launch marks numo’s entry into the consumer fintech space. In addition to indi, numo has an enterprise software platform for commercial real estate analytics in beta, as well as two additional products in development.