US mobile bank Lili raises $55m

Lili, a US-based mobile banking service aimed at freelancers, has raised a $55 million Series B funding round.

The round was led by FinTech focused venture capital firm Group 11, and other investors included Target Global and AltaIR.

This brings the company’s total funding to date to $80 million and follows a $15 million Series A round in October 2020.

The start-up, founded in 2019, provides a bank account designed for freelancers, which includes features like early access to payments, expense management, and the ability to set aside a percentage of income for taxes.

Lili said the capital injection will allow them to expand the platform and add new features related to invoice and payment management, as well as expanding into credit products.

Lili claimed to have doubled its account base in the past six months, gaining 200,000 users as the pandemic changed working habits.

"Becoming an entrepreneur or freelancer -- your own boss -- is one of the most exciting life decisions you can make,” said Lilac Bar David, chief executive of Lili. “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.”

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