PNC Bank Launches Internal Fintech Startup numo with Gig Worker Banking App
PNC Bank launched numo in September 2019 as an embedded fintech initiative operating as a startup within the bank. The program features a pre-negotiated equity split between PNC and numo employees to incentivize innovation. Numo's first product, indi, is a mobile banking account specifically designed for gig workers, offering tax calculations, savings goals, quarterly tax reminders, no minimum balance, no monthly fees, FDIC insurance, and a Visa prepaid debit card available on iOS and Android.
At launch, indi was in testing with numo staff and had opened a waiting list for external users. Beyond indi, numo is developing an analytics platform for retail property portfolio companies using anonymized financial and social data, as well as regulatory technology to streamline policy management and approvals. The initiative leverages technologies like Visa DPS for transactions and emphasizes small, scalable bets for economic value.
This represents a notable example of a major traditional bank adopting a startup model internally to compete in the embedded finance space.
- Demonstrates that major traditional banks are adopting internal startup models to compete in embedded finance rather than relying solely on external partnerships.
- Signals growing bank interest in underserved segments like gig workers, potentially spurring further BaaS and embedded finance innovation targeting non-traditional employment.