Lance Bank built the first smart business bank account tailored to self-employed workers, automatically allocating incoming deposits to a personal salary, tax withholdings, business expenses, and savings. The product captures both W2 and 1099 payments, identifies deductibles, and includes basic bookkeeping and entry-level accounting. A free basic account provides automated subaccounts and allocations; a paid pro subscription can pay quarterly IRS taxes from withholdings and pre-populate a Schedule C. The company says its approach can save freelancers roughly 100 hours per year and $7,500 in fees and deductibles. Lance was founded by former freelancers who researched thousands of self-employed individuals to refine the product and workflow. Recent funding is intended to support further product development and marketing to reach the large U.S. freelance market referenced in the article.

Total raised

$3M

Funding rounds

1

Latest round

Equity

Latest activity

May 2021