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Freelancer banking app Lili raises $15m

Freelancer banking app Lili raises $15m

Lili, a banking app for American freelance workers, has raised $15 million in a Series A funding round led by Group 11.

Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, and Zeev Ventures joined the round, which comes just a few months after Lili closed a $10 million seed.

Lili is one of several startups targeting a huge and fast growing market: there are nearly 60 million freelancers in the US and Covid-19 has seen 12% of the workforce going solo this year.

Lili is offering these people an app that combines banking services with real-time expense tracking, tax tools, and financial insights.

Set up by the founders of Israeli digital bank Pepper, Lili says it has already seen freelancers across dozens of industries and all 50 states open accounts via its iOS and Android apps.

With a 700% increase in transaction volume since the beginning of the pandemic, the company plans to use the new funds to expand its product and engineering teams and accelerate customer adoption.

Lilac Bar David, CEO, Lili, says: "We believe the future of work is freelance, and as the pandemic has recently changed everything about how people approach their careers, the American workforce’s shift toward independence has accelerated even faster than we anticipated.

"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."

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