Lili, Made for freelance employees, announced it raised a $10 million seed financing round for empowering employees with the tools and services that they will need to balance life and work. Group 11 led this round of funding with participation from Altair Capital, Foundation Capital, Primary Venture Partners, and Torch Capital. Along with the capital will be used for building out the platform farther and expand operations teams, marketing, and merchandise.
There are approximately 60 million individuals in The U.S., making up 35% of the American workforce. And Lili is the only firm that combines taxation instruments and banking solutions, and insights that are financial so that freelancers can stay in control of their finances.
Lili has helped tens of thousands of franchisees across dozens of all 50 states, and businesses have opened Lili accounts via the iOS and Android mobile apps.
Whether clients are full-time Independent employees or part-time freelancers, Lili’s customers span across many industries ranging from e-commerce shop proprietors to designers, programmers, fitness teachers, building workers, chefs, beauty professionals, etc..
Lili’s founders are serial entrepreneurs With 20 decades of banking industry experience, such as CTO Liran Zelkha and CEO Lilac Bar David — who formerly worked as a freelancer and have been inspired to solve independent workers’ financial pain points.
“We have assembled the only solution which Enables freelancers to manage their bank account and their costs for life and work, saving them up to 60 hours and $1,700 annually,” stated co-founder and CEO Lilac Bar David. “We have examined the challenges of the modern employee in all facets of banking, taxes, expenses, and savings and have created an easy-to-use mobile program which helps them thrive in today’s ever-changing work atmosphere.
Zelkha and bar David had Founded Pepper (the earliest and largest challenger lender in Israel). And they grew the company to over 200 workers — who designed the banking merchandise from scratch, including Pepper Pay (cellular payments), Pepper Bank (banking services), and Pepper Invest (investment program ).
“Lili is redefining banking for Freelancers, and we are thrilled to be partnering with the team,” clarified Dovi Frances, founding partner at Group 11. “Since the future of work continues to evolve faster than ever in these uncertain times, Lilac and Liran’s forward-looking vision is altering how modern employees manage their finances while saving them precious time and money.”
The essential product of Lili features in its iOS, And Android apps incorporate no account fees, minimum balance requirements, overdraft fees, or transaction fees that are overseas. And also, It offers free Accessibility to 38,000 ATMs across the nation and direct deposit that is early. Plus, It delivers Categorize and spending expenses in real-time with a swipe. The App has a Percentage of earnings in a”Tax Bucket” sub-account. You may immediately Receive money out of online marketplaces like Etsy and Shopify. And you can send and receive money Payment programs like Money App and Venmo.