US-based all-in-one banking app for freelancers Lili has raked in $15m in the latest funding round to support expansive customer adoption and accelerate its growth.
The funding round was led by Group 11, which was joined by Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, and Zeev Ventures.
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The latest funding round brings the total amount raised by the company to date to $25m.
Lili will use the fresh funds to support its expansion, as the American workforce is increasingly turning to freelancing amid the Covid-19 pandemic.
The company will use the investment to fund its product development, engineering teams and to fast-track customer adoption.
Since the beginning of the pandemic, Lili claims that the freelance economy’s transaction volume increased by 700%.
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By GlobalDataSince its launch, Lili has opened 100,000 accounts for freelancers from all 50 US states and recorded a two-fold increase in average monthly spending per customer this year.
Lili’s account comes without a minimum balance requirement, fee-free overdraft and foreign exchange transactions.
The company combines its banking services with real-time expense tracking, tax tools, and financial insights.
Lili offers expense management, quarterly income and expense reports, digital debit card, and Google Pay payment method.
Its customers span from e-commerce shop owners to designers, programmers, fitness instructors, construction workers, chefs, beauty professionals, and more.
They have free access to 38,000 ATMs across the country.
Lili co-founder and CEO Lilac Bar David: “Our mission is to empower freelancers to better manage their money and businesses, and we have 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.”
