Sabadell Bank (BME: SAB), a Spanish multinational financial services company headquartered in Alicante and Barcelona, Spain, has reportedly invested EUR 2.5 million Surname, an internally incubated initiative that grew out of the banking institution. The startup offers various business management tools for SMEs and sole proprietorships.
Nomo, which gives freelancers and small businesses an all-in-one app to manage their daily finances, now claims around 100,000 users. The fintech startup claims its user base has almost tripled in the past year.
The Nomo Fintech app currently available for iOS and Android users consolidates receipts and business invoices, organizes and calculates expenses and sales, performs an account aggregation and compares different accounts with banking transactions.
The Nomo app also examines and analyzes the quarterly results of retailers and determines in real time the tax return to be paid at the end of each quarter. In addition, the app offers an agent management service for submitting taxes, generating and managing accounting books, as well as “unlimited” consultancy visits.
The company’s premium paying customers, who operate a 100% SaaS (Software-as-a-Service) platform, have grown significantly through their subscription model. The company now expects to have even more customers on board in the foreseeable future.
Much of this growth can be attributed to the COVID-19 outbreak, which has caused many companies to take their financial management and related processes much more seriously. Nomo’s management said business grew by around 30% every month during the coronavirus crisis compared to before Covid.
Nomo also noted that Banco Sabadell’s additional investment will allow it to create new financial services capacity and expand its workforce to around 30 professionals.
As mentioned on its website, Nomo wants to “unify the management of your company in one place”. There are reportedly more than 80,000 freelancers who now “trust” Nomo. The app helps users complete daily tasks without paperwork, saving them up to 25 hours of work per month.
The Nomo program allows users to control all of their accounts through the app itself or through the company’s website.