Lili, a banking app designed for freelance workers, raised $15 million in a funding round to accelerate growth.
The round was led by Group 11, with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, and Zeev Ventures.
The funding brings the total amount raised to $25 million, following the company’s seed round in June. The company plans to use the funds to expand its product and engineering teams and accelerate customer adoption.
There are nearly 60 million freelancers in the US. In addition, as a result of COVID-19, 12% of the US workforce started freelancing this year. This accelerated shift toward independent work has led to nearly 100,000 freelancers opening Lili accounts since its launch. Average monthly spending per customer has more than doubled in 2020.
Lili is an all-in-one banking app designed for freelance workers. It combines banking services with real-time expense tracking, tax tools, and financial insights so freelancers can stay in control of their finances. Freelancers across dozens of industries and all 50 states have opened accounts via the iOS and Android mobile apps.
The company’s customers gain free access to 38,000 ATMs across the country without a minimum balance requirement and they pay zero account, overdraft, or foreign transaction fees.
“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.”
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