numo, PNC Bank’s fintech incubator, has launched indi, a smart banking product for self-employed individuals, contractors, freelancers and gig workers who are slated to comprise the majority of the U.S. workforce within a decade.
indi is designed to help independent workers bank smarter and be better prepared come tax time with one account that includes features such as mobile banking, autosaving for taxes and expense categorization.
“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, said. “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.”
indi is an FDIC-insured account held at PNC Bank with a Visa® prepaid debit card and mobile app for iOS and Android. Users can save for taxes as they are paid and maximize expense deductions directly where they manage their money every day.
indi's smart features include:
Tax Savings Goal: a personalized calculation of the estimated amount users should save for taxes
Autosave: a function that automatically designates a percent of each pay to tax savings
Smart tips and dynamic adjustments when users save ahead or fall behind
Quarterly tax payment reminders
Real-time income and expense categorization
Auto-generated, year-end expense reports to aid tax filing
No fee to apply, no monthly service fee, and no minimum balance requirement
indi is available today in beta by invitation. Users can sign up for the waitlist at goindi.com and download the app from the App Store and Google Play when they receive their access code.
This 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.