Lili

Lili provides banking services via a mobile app, specifically for freelancers. The company offers its products under the banking license of Choice Bank and claims that individuals can create Lili accounts within three minutes.

Products offered by the company include a checking account inclusive of a visa business debit card that can also be used at ATMs with no added fees and can be linked to digital wallets, such as Apple Pay and Google Pay. The company also offers overdrafts up to USD 200, does not charge overdraft fees, and also offers cashback rewards on debit card purchases. In addition, the company also does not charge account fees or foreign transaction fees.

The company also provides Personal Finance Management (PFM) tools, which provide insights on income patterns and spending habits, and also provides expense categorization for tax purposes and automated savings options which ensure that an individual has enough money saved up for taxes. The app also enables customers to create invoices and accept payments for invoices directly via the app.

The app also facilitates advanced safety features such as facial or thumb recognition to safeguard customer accounts. In addition, the app also enables customers to directly deposit checks into their accounts by uploading pictures of the check.

The company claims that the use of its platform can free up to 60 hours per year and provide about USD 1,700 worth of annual savings for freelancers.

Key Customers and partnerships

As of May 2021, the company’s customer base had grown to 200,000 since launching its product in January 2020. The company had stated that its growth has partially been driven by the Covid-19 pandemic due to a sudden surge in freelancers in the country.

Funding and financials

In May 2021, the company raised USD 55 million in Series B funding led by Group 11 shortly after it raised USD 15 million in Series A funding in October 2020. The new funds will be used to develop and expand its product offering.