Israeli startup Lili, a mobile banking service for freelancers in the U.S., offers “relevant and timely” features such as expense management, effortless tax preparation, and no-fee accounts. The company has doubled its account base in the past 6 months as more users pursue new, entrepreneurial endeavors. Lili just raised $55 million in a Series B investment led by Group 11, bringing its total funding to $80 million.
Founded in 2018 by CEO Lilac Bar David and Liran Zelkha, Lili offers an all-in-one banking app designed for freelance workers. Lili states that by combining banking services with real-time expense tracking, tax tools and financial insights, it empowers independent workers with the tools they need to stay in control of their finances while saving time and money.
Lili is introducing several new features, including Personalized Tax Buckets to help freelancers and small business owners track their taxes and put away a certain percentage of deposits, based on the user’s projected income and expenses, to avoid any surprises come tax season. Lili also provides an Emergency Bucket where users can set aside a set amount regularly for an emergency fund instead of having to open a separate savings account. Freelancers can also take advantage of its existing features like easy, built-in real time expense management and net income and work income reports, which are automatically generated within the Lili mobile app.
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“Becoming an entrepreneur or freelancer — your own boss — is one of the most exciting life decisions you can make,” said Lilac Bar David, CEO of Lili. “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.”
“Lili is currently the only fintech product designed to address the needs of this rapidly growing sector of entrepreneurs,” said Group 11 Founding Partner Dovi Frances. “We anticipate the freelancer economy will continue to grow robustly even beyond the pandemic tailwinds. Lili is poised to see exponential growth by continuing to offer this demographic effective and intuitive tools to manage a previously complex side of doing business.”