Lili, an all-in-one banking app specifically designed for freelancers, has raised $15 million in a funding round to accelerate growth. The round was led by Group 11, with major 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 capital raised will be used to support and expand the company’s product and engineering teams and accelerate customer adoption.
Growth in the freelance economy has shown a 700% increase in transaction volume since the beginning of the pandemic. According to figures from Upwork, there are approximately 60 million freelancers in the U.S. In addition, as a result of COVID-19, 12% of the U.S. workforce started freelancing this year, and over 100,000 freelancers opened Lili accounts.
Lili combines banking services with real-time expense tracking, tax tools, and financial insights so freelancers stay in control of their finances. Its customers span across many industries and range from full-time independent workers to freelance part-timers. It’s all-in-one-banking app features include: enhanced expense management; quarterly income and expense reports; digital debit card and Google pay functionality, in addition to Cash App and Venmo.
“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,” Lilac Bar David, Lili co-founder and CEO said. “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 whilst providing freelancers with an unparalleled banking experience.”