Israeli fintech startup Lili, which develops banking products for freelancers, announced a $15 million Series a funding round. The investment was led by existing investor Group11, with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, and Zeev Ventures. The new investment comes a mere 4 months since the company scored its Seed round.
From one digital bank to another, but this time with a specific target crowd
Lili is developing an “all-in-one” solution for all types of freelance workers in the U.S., providing them with a digital banking option that deploys all their required financial tools. Opening an account with Lili comes with a digital debit card, no overdraft fees, or international transaction fees, and access to thousands of ATMs without charge. According to Lili, since the beginning of the year, the company has experienced a 700% increase in transactions through its platform, which currently serves 100,000 active accounts.
Lili’s freelancer-centric service includes digital tools for improving account management, by offering users the option to catalog different expenses, add notes or receipts, in addition to a tool that automates quarterly tax reports. The fintech company believes that they can save their customers around $1,700, and 60 hours a month of financial mambo jumbo.
“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,” said Lili co-founder and CEO Lilac Bar David. “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. We are looking forward to expanding our product suite and market leadership while providing freelancers with an unparalleled banking experience.”
Lili was founded in 2019 by CEO Lilac Bar David, who previously CEOed an Israeli digital bank called Pepper, and CTO Liran Zelkha, who was VP R&D at Pepper. The company is headquartered in New York and provides digital banking services in all 50 states.