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Banco Sabadell invests €2.5 million in inhouse startup Nomo

Banco Sabadell invests €2.5 million in inhouse startup Nomo

Banco Sabadell has invested €2.5 million in Nomo, an inhouse incubated startup subsequently spun out from the bank, which provides business management rools for SMEs and solo traders.

Nomo, which provides freelancers and small business owners with an all-in-one app for managing their finances, ended the year with 100,000 users, a figure nearly triple that of the previous year.

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.

Operating a 100% Saas type digital service, the company’s Premium paying customers grew twelvefold through its subscription model and it intends numbers to grow by ten over the coming year.

Much of the growth has steemed from the global pandemic, a spur to businesses to get their finances in order. Nomo says that during the crisis it has grown by 30% each month compared to pre-Covid sales.

The firm says the further investment from Banco Sabadell will enable it to develop new financial service functions and to expand its workforce to up to 30 employees.

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