Lili raises $55 million

New York-based banking app for freelancers Lili has raised $55 million in Series B funding. The round, which brings the startup’s total funding to date to $80 million, is led by Group 11, with Target Global, AltaIR and previous investors also participating.

Launched in late 2019, Lili offers a variety of banking services for the 200k freelancers it serves. On top of these, the startup is introducing several new features including Personalized Tax Buckets to help freelancers and small business owners track their taxes and put away a certain percentage of deposits, and an Emergency Bucket where users can set aside a set amount regularly for an emergency fund instead of having to open a separate savings account.

“Becoming an entrepreneur or freelancer — your own boss — is one of the most exciting life decisions you can make. We’ve created the tools you need to spend more time building your venture and less time on things that historically your employer would handle, sorting expenses, managing financials, and filing taxes.” – Lilac Bar David, CEO of Lili.

“Lili is currently the only fintech product designed to address the needs of this rapidly growing sector of entrepreneurs. We anticipate the freelancer economy will continue to grow robustly even beyond the pandemic tailwinds. Lili is poised to see exponential growth by continuing to offer this demographic effective and intuitive tools to manage a previously complex side of doing business.” – Group 11 Founding Partner Dovi Frances.