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Freelance banking app Lili raises $55 million

Freelance banking app Lili raises $55 million

Lili, a banking app designed for US freelancers and gig-economy workers, has raised $55 million in a Series B investment round led by Group 11.

Offering features such as expense management, tax preparation, and no-fee accounts, Lili has doubled its account base in the past six months, claiming 200,000 users as the global pandemic forces more people into entrepreneurial endeavors.

Lilac Bar David, Lili CEO expects the freelance economy to grow to more than 50% of the population by the end of 2021.

“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,” he says.

The company has set its sights on expanding its product range over the coming months, with the introduction of new features covering invoice and payment management, as well as launching a new loans product.

The new investment round, which also included participation from Target Global and AltaIR, brings total funding for Lili to $80 million in the two years since its inception.

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