Sabadell taps incubator graduate Nomo for sole trader app

Sabadell taps incubator graduate Nomo for sole trader app

Banco Sabadell is adopting technology from InnoCells incubator graduate Nomo to provide sole traders with an all-in-one app for managing their business finances.

Available for iOS and Android, Nomo consolidates receipts and invoices, tots up expenses and sales, undertakes account aggregation and reconciles accounting against banking transactions.

The app also analyses the quarterly net result of the sole trader and calculates in real-time the tax return payable at the end of the quarter. In addition, it offers an agent management service to file taxes, generate accounting books, as well as unlimited consultancy visits.

Nomo was born and developed within Sabadell's digital business hub and subsequently spun off as standalone unit. It currently claims more than 40,000 freelancers throughout Spain.

Banco Sabadell currently has a 16.4% share in the Spanish freelance market, and has committed to a mobile-first approach to serving the segment. The bank expects to close 2019 with 45,000 new self-employed customers and, for next year, it has set itself the target of reaching 45,700.

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