Real-time income and expense tracking, mobile banking, expense categorization, and automatic saving for taxes are just some of the services offered by Indi, a financial tool developed by Numo, the fintech incubator of Pittsburgh-based PNC Bank.
Numo’s Indi is intended for use by gig workers, freelancers, consultants, entrepreneurs, contractors, and other self-employed workers. The tool helps users activate and access an FDIC-insured bank account for business activities.
“We looked at the changing ways people are working in the country and the more we got into it, the more we really felt there were pain points we could help with,” says Numo CEO David Passavant. “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.”
Among the key features is an option to set aside funds for paying income taxes. Self-employed workers who are paid on a 1099 basis must pay their own taxes instead of having them withheld by their employers. Indi users can set aside funds from each paycheck to ensure there’s enough left for the tax man.
The app also lets users photograph and file receipts to document business expenses. Users can tag each receipt with expense categories to ease business accounting and reporting requirements.
The app records income and expenses made through the linked bank account.
Passavant says Indi was especially designed to support customers in the dynamic lifestyle required in self employment. The app is currently in beta testing with about 100 users – plus, Pasavant says, an extensive waiting list.
Also in the works at Numo are a real estate market-tracking app and a program for helping enterprises manage complex policies and comply with the regulations of governments, industry groups, and regulatory agencies.