Lili, an all-in-one banking app particularly designed for freelancers, has raised $15 million in a funding spherical to speed up progress. The spherical was led by Group 11, with main participation from Basis Capital, AltaIR Capital, Major Enterprise Companions, Torch Capital, and Zeev Ventures.
The funding brings the whole quantity raised to $25 million, following the corporate’s seed spherical in June. The capital raised shall be used to assist and develop the corporate’s product and engineering groups and speed up buyer adoption.
Progress within the freelance economic system has proven a 700% improve in transaction quantity for the reason that starting of the pandemic. In line with figures from Upwork, there are roughly 60 million freelancers within the U.S. As well as, because of COVID-19, 12% of the U.S. workforce began freelancing this 12 months, and over 100,000 freelancers opened Lili accounts.
Lili combines banking companies with real-time expense monitoring, tax instruments, and monetary insights so freelancers keep accountable for their funds. Its prospects span throughout many industries and vary from full-time impartial staff to freelance part-timers. It is all-in-one-banking app options embrace: enhanced expense administration; quarterly earnings and expense studies; digital debit card and Google pay performance, along with Money App and Venmo.
“We consider the way forward for work is freelance, and because the pandemic has just lately modified the whole lot about how individuals method their careers, the American workforce’s shift towards independence has accelerated even quicker than we anticipated,” Lilac Bar David, Lili co-founder and CEO mentioned. “Our mission is to empower freelancers to raised handle their cash and companies, and we have seen exponential progress in demand over the previous a number of months, as extra individuals are in search of all-in-one monetary options which are tailor-made to the distinctive methods they work. We’re wanting ahead to increasing our product suite and market management while offering freelancers with an unparalleled banking expertise.”