Lili, a U.S.-based mobile banking app specifically for freelancers, announced on Thursday it secured $15 million through its latest investment round, which was led by Group 11. This latest investment comes just a months after Lili raised $10 million.
As previously reported, Lili claims that its checking account and mobile experience was created to “help balance work and life” with real-time expense management and tax savings. The company reported that since its app’s launch, ens 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
- 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
Lili co-founder and CEO, Lilac Bar David, spoke about the banking app’s development by stating:
“Our mission is to empower freelancers to better manage their money and businesses, and we’ve seen exponential growth in demand over the past several months, as more people are looking for all-in-one financial solutions that are tailored to the unique ways they work. We are looking forward to expanding our product suite and market leadership while providing freelancers with an unparalleled banking experience.”
The investment round’s funding will be used to support Lili’s rapid expansion, as growth in the freelance economy has driven a 700% increase in transaction volume since the beginning of the COVID-19 pandemic.