Lili provides a single account and payment card that freelancers can use for both personal and business expenses, plus an “assistant” that analyzes expenses and budgets for future taxes. The product integrates with third parties today (including Venmo and QuickBooks) and the company plans to add invoicing, payment management and credit products such as loans or cash advances. Lili has seen rapid adoption since launching in January 2020, reporting 200,000 customers and 1,500% year-over-year usage growth. The startup says almost 60% of its new users are women, reflecting demographic trends in its customer mix. Lili is based in New York and Israel and is primarily focused on the U.S. market. Financially, the company has raised a new growth round and reported total funding to date of $80 million, while declining to disclose a valuation. Lili offers an all-in-one mobile banking app that combines banking services with real-time expense tracking, tax tools, and financial insights tailored to freelancers. The product includes enhanced expense management, automatically generated quarterly income and expense reports, a digital debit card, and Google Pay functionality. The company reports nearly 100,000 freelancers have opened accounts since launch, average monthly spending per customer more than doubled in 2020, and transaction volume has increased 700% since the start of the pandemic. Lili provides access to 38,000 ATMs, charges no account, overdraft, or foreign transaction fees, and serves customers across all 50 states. The founders are serial fintech entrepreneurs with 20 years of banking experience who previously built Pepper. Lili plans to use the new capital to expand its product and engineering teams and accelerate customer adoption. Lili offers an all-in-one banking solution for freelancers, combining a bank account, a Visa business debit card, and a suite of financial tracking tools. The account has no account, overdraft, foreign-transaction fees or minimum balances; Lili says it makes money from card processing fees. Product features include direct deposit with access to payments up to two days earlier, expense tracking and categorization, and a tax sub-account that sets aside a percentage of income. Customers can use individual Lili products, though the company says benefits are enhanced when used as the primary account. Lili launched in 2019 and is used by tens of thousands of freelancers across all 50 U.S. states. The company estimates it can save freelancers up to 60 hours and $1,700 per year and views COVID-19–driven shifts toward freelance work as a growth tailwind.

Total raised

$80M

Funding rounds

3

Latest round

Series B

Latest activity

May 2021