Lili, a mobile banking platform for freelance workers, has secured a $15m investment, coming just a matter of months after its seed round.
The fresh investment was led by Group 11, with participation also coming from Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital and Zeev Ventures.
Funds from this round will be used to support the expansion of the company, which includes expanding its product suite, hiring more engineers and accelerating customer adoption. The FinTech claims the freelance economy has seen a 700% increase in transaction volume sine the start of the coronavirus pandemic.
Lili previously secured $10m for its seed round in June 2020, to which, Group 11 also acted as the lead investor.
The FinTech, which is based in New York, combines banking services with real-time expense tracking, tax tools and financial insights to help freelancers stay in control of their money. Lili is available in all 50 US states and on iOS and Android devices.
Some of the other features included with the account are expense management, quarterly income and expense reports, digital debit card and Google Pay options.
Lili claims there are nearly 60 million freelancers in the US and due to the pandemic, 12% of the US workforce started this year. Due to this rise in freelancers, the company claims it has opened just under 100,000 accounts and spending per customer has doubled in 2020.
Lili co-founder and CEO Lilac Bar David said, “We believe the future of work is freelance, and as the pandemic has recently changed everything about how people approach their careers, the American workforce’s shift toward independence has accelerated even faster than we anticipated.
“Our mission is to empower freelancers to better manage their money and businesses, and we’ve seen exponential growth in demand over the past several months, as more people are looking for all-in-one financial solutions that are tailored to the unique ways they work.”
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