All-in-one banking app Lili has secured $10m seed funding round to empower freelancers in the US with financial tools needed for work-life balance.

The funding round was led by Group 11, who was joined by Foundation Capital, AltaIR Capital, Primary Venture Partners and Torch Capital.

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The firm will use the capital to further develop its platform and expand its product, marketing and operations teams.

Founded in 2018, Lili combines banking services with real-time expense tracking, tax tools and financial insights, enabling freelancers to control their finances.

Lili’s client base includes tens of thousands of freelancers like e-commerce shop owners, designers, programmers, fitness instructors, construction workers, chefs, beauty professionals and more.

Lili co-founder and CEO Lilac David said: “We’ve built the only solution that truly enables freelancers to holistically manage their bank accounts and their expenses for work and life, saving them up to 60 hours and $1,700 per year.

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“We’ve analysed the challenges of the modern worker in all aspects of banking, taxes, expenses and savings and have created an easy-to-use mobile app that helps them thrive in today’s ever-changing work environment.”

Lili app key product features

Lili’s all-in-one mobile banking app provides a fee-free zero-balance account with no overdraft fees and no foreign transaction fees as well.

It offers early direct deposit, as well as features an expense management tool, a tax savings tool, mobile check deposits, mobile alerts and insights on income and expenses.

The account comes with a Visa business debit card. Lili offers free access to 38,000 ATMs across the US.