US de novo Lili targets freelancers with tax tools & early payments
New US-based challenger bank Lili is targeting the freelance market with an “all-in-one” app.
Lili says it aims to empower freelancers with tools and services to improve their “work, life, and balance”.
It offers a no-fee, a no-minimum balance account with a Visa debit card, spending tracking, free cash withdrawals, and automatic savings.
Lili also offers its users a tax reporting tool that can “easily generate yearly or quarterly expense reports”. Freelancers on the platform can also active an option to receive payments two days early.
The challenger is led by Lilac Bar-David, the former founder and CEO of Israeli challenger bank Pepper, and Bank Leumi alumnus.
“Freelancers have to singlehandedly balance various aspects of managing their businesses, from invoices to bookkeeping, expenses,” she told Alley Watch last year.
“Our app features are tailored specifically to meet independent workers’ needs as they’re managing their money.”
Based in New York, it employs around 35 people. Minnesota’s Choice Financial Group provides Lili’s bank account services.
The neobank has nabbed $25 million in funding from two separate rounds. Among its investors are Group 11, Foundation Capital, and Primary Venture Partners.
Related: Canadian challenger Koho raises $56m in Series C funding round