Lili, a NYC-based banking app designed for freelance workers, raised $10m in seed funding.
The round was led by Group 11, with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners and Torch Capital.
The company intends to use the funds to build out the platform further and expand the product, marketing and operations teams.
Founded in 2018 and led by CEO Lilac Bar David and CTO Liran Zelkha, Lili combines banking services with real-time expense tracking, tax tools and financial insights, so freelancers can stay in control of their finances.
Key product features include:
– No account fees, minimum balance requirements, overdraft fees or foreign transaction fees
– Free access to 38,000 ATMs across the country
– Early direct deposit;
– Free expense management tool that allows users to track spending and categorize expenses in real time with a quick swipe
– Tax savings tool that automatically puts aside a percentage of income in a “Tax Bucket” sub-account
– Visa Business debit card and mobile check deposits
– Real-time mobile alerts and insights on all income and expenses
Since its launch in 2019, tens of thousands of freelancers across dozens of industries and all 50 states have opened accounts via the iOS and Android mobile apps. Customers span across many industries, from e-commerce shop owners to designers, programmers, fitness instructors, construction workers, chefs, beauty professionals and more.