Lili, a U.S.-based mobile banking app specifically for freelancers, announced on Wednesday it secured $10 million through its seed funding round, which was led by Group 11 with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, and Torch Capital.
Founded in 2018, Lili reported that its checking account and mobile experience was created to “help balance work and life” with real-time expense management and tax savings. The company reported that since its app’s launch, ens of thousands of freelancers across dozens of industries and all 50 states have opened a Lili account.
“Whether they’re full-time independent workers or part-time freelancers, Lili’s customers span across many industries, from e-commerce shop owners to designers, programmers, fitness instructors, construction workers, chefs, beauty professionals and more.”
Lili’s app 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; provides access to payments up to two days earlier than with traditional banks
- 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
- Instantly send and receive money through mobile payment apps like Cash App and Venmo
- Immediately receive funds directly from online marketplaces like Etsy and Shopify
Funds from the seed round will be used to build out the platform further and expand the product, marketing and operations teams.