Lili, a New York-based mobile banking startup geared toward freelancers and gig economy workers, has picked up an investment of $10 million. Group 11 led the seed funding round, which also featured participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, and Torch Capital.
The company, founded by Lilac Bar David (CEO) and Liran Zelkha (CTO), will use the funding to help support new product development, as well as expand the company’s customer base and add talent to Lili’s operations, marketing, and product teams.
“Lili is redefining banking for freelancers and we’re thrilled to be partnering with the team,” Group 11 founding partner Dovi Frances said. “As the future of work continues to evolve more quickly than ever in these uncertain times, Lilac and Liran’s forward-looking vision is changing how modern workers manage their finances, while saving them valuable time and money.”
Lili offers banking, expense management, and tax savings tools, a free checking account, and a Visa business debit card. No minimum balance is required and no account fees are charged. Account holders who authorize direct deposit can get their salary up to two days faster than they would with a traditional bank account, and the company’s business debit card can be used anywhere Visa debit cards are accepted. Free ATM withdrawals are available at more than 32,000 locations.
The company said that its technology can save freelancers “up to 60 hours and $1,700 per year” when they use Lili as their main account. In its statement, Lili noted that “tens of thousands of freelancers” across the U.S. are using the company’s app.
Last month, Fundera named Lili the Best Bank Account for Freelancers of 2020. Founded in 2018, the company’s FDIC-insured banking service was launched a year later with the backing of Choice Financial Group.