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Lili Bags $10M in Seed Funding Round

Banking CIO Outlook | Tuesday, June 09, 2020

Lili raised a $10 million seed funding round led by Group 11

Fremont, CA: An all-encompassing banking app, Lili, raised $10 million from its seed funding round to enhance the financial studies among modern workers and equip them with tools and services they require to balance work and life. The latest round of funding was led by Group 11, with significant participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, and Torch Capital. The newly raised investment will be used to repair the platform further and expand the product, marketing, and operations teams.

More than 60 million freelancers in the United States make up almost 35 percent of the American workforce. Lili is the only organization that fuses banking services with a real-time expense tracker, tools to calculate tax and get financial insights. It assists these freelancers to keep track of their finance and stay in control. Since the founding of the company in 2018, and its launch in 2019, more than thousands of freelancers across a plethora of industries from all 50 states have opened Lili accounts via the iOS and android app market store. 

Top 10 Lending Management Solution Companies - 2019Lili's customers hail from all over the country to work across a list of industries regardless of whether they are full time or part-time employees. People from e-commerce shop owners to designers, programmers, fitness instructors, construction workers, chefs, beauty professionals, and more.

The founders of LiLi are serial entrepreneurs with more than 20 years of experience in the banking industry. CEO Lilac Bar David and CTO Liran Zelkha, who previously worked as a freelancer and was inspired to create a solution for independent workers' financial pain points. Bar David and Zelkha prior founded Pepper, the first and largest challenger bank in Israel. They grew the company to more than 200 employees who designed the banking product from scratch, including Pepper Pay (mobile payments), Pepper Bank (banking services), and Pepper Invest (investment app).

 "We've built the only solution that truly enables freelancers to holistically manage their bank accounts and their expenses for work and life, saving them up to 60 hours and $1,700 per year," said co-founder and CEO Lilac Bar David. "We've analyzed the challenges of the modern worker in all aspects of banking, taxes, expenses, and savings and have created an easy-to-use mobile app that helps them thrive in today's ever-changing work environment."

 "Lili is redefining banking for freelancers, and we're thrilled to be partnering with the team," said Dovi Frances, founding partner at Group 11. "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 workers manage their finances while saving them valuable time and money."

See also: Top Banking Tech Solution Companies

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