Lili, a U.S.-based mobile banking app specifically for freelancers, announced on Tuesday it secured $55 million through its Series B investment, which was led by Group 11 with participation from Target Global and AltaIR. The investment round brings Lili’s total funding to $80 million.
As previously reported, Lili claims that its checking account and the mobile experience were created to “help balance work and life” with real-time expense management and tax savings. The company reported that since its app’s launch, tens of thousands of freelancers across dozens of industries and all 50 states have opened a Lili account.
“Whether they’re full-time independent workers or part-time freelancers, Lili’s customers span across many industries, from e-commerce shop owners to designers, programmers, fitness instructors, construction workers, chefs, beauty professionals and more.”
Lili’s app product features include:
- No account fees, minimum balance requirements, overdraft fees, or foreign transaction fees
- Free access to 38,000 ATMs across the country
- Early direct deposit; provides access to payments up to two days earlier than with traditional banks
- A free expense management tool that allows users to track spending and categorize expenses in real-time with a quick swipe
- Tax savings tool that automatically puts aside a percentage of income in a “Tax Bucket” sub-account
- Visa Business debit card and mobile check deposits
- Real-time mobile alerts and insights on all income and expenses
- Instantly send and receive money through mobile payment apps like Cash App and Venmo
- Immediately receive funds directly from online marketplaces like Etsy and Shopify
Speaking about the company’s growth and development, Lilac Bar David, CEO of Lili, stated:
“Becoming an entrepreneur or freelancer — your own boss — is one of the most exciting life decisions you can make. We’ve created the tools you need to spend more time building your venture and less time on things that historically your employer would handle, sorting expenses, managing financials, and filing taxes.”