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Lili raises $10M for its freelancer banking app

Lili, a startup building banking concoctions to meet the needs of freelance workers, is announcing that it has raised $ 10 million in seed funding.

The startup takes its refer from its founders, CEO Lilac Bar David and CTO Liran Zelkha, who has ever founded Israeli challenger bank Pepper. Bar David told me that while many neobanks have emerged over the past few years, the majority of them” are very focused on consumer interests side .”

More universally, she was believed that no traditional bank answers are really designed to solve the problems faced by freelancers — whether they’re designers, programmers, fitness instructors, cooks or perfection professionals. She described Lili as the first “all-in-one” solution, present both a bank account and a broader suite of business tracking tools.

The account comes with a Visa business debit card and is unencumbered by note costs, overdraft rewards, foreign deal rewards or minimum symmetry requirements. Bar David said Lili only represents coin from placard processing costs, which entails” the authorities concerned will make money whenever you’re making money .”

Lili also supports direct money, saying it provides access to payments up to two days earlier than a traditional bank. And to help freelancers organize their business, there’s a tool for tracking and categorizing expenses, and another tool that will introduced a percentage of income into a sub-account for taxes.

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The startup estimates that it can save freelances up to 60 hours and $1,700 per year.( Bar David said patrons may choose to use individual Lili products, but” the benefits of using the concoction are definitely improved “if youre using” it as your main account .”) The companionship launched in 2019 and says it’s already used by tens of thousands of freelancers across all 50 set forth in the U.S.

Bar David likewise was believed that the freelance economy is simply going to grow with the fiscal imbalance caused by the COVID-1 9 pandemic, with millions more people turning to freelance work as either their primary source of income, or as a supplement.

The funding was led by Group 11, with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners and Torch Capital.

“Lili is redefining banking for freelancers and we’re thrilled to be partnering with the team, ” said Group 11′ s Dovi Frances in a statement. “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 employees manage their finances, while saving them valuable day and money.”

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