Banking app Lili secures USD 15 mln in funding

Thursday 5 November 2020 14:05 CET | News

US-based banking app designed for freelance workers Lili has raised a USD 15 million funding round to accelerate growth as the American workforce is increasingly turning to freelancing during COVID-19. 

The round was led by Group 11, with major participation from Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, and Zeev Ventures. The funding brings the total amount raised to USD 25 million, following the company’s seed round in June 2020. The new capital will be used to support Lili’s expansion, as growth in the freelance economy has driven a 700% increase in transaction volume since the beginning of the pandemic. The company plans to use the funds to expand its product and engineering teams and accelerate customer adoption.

There are nearly 60 million freelancers in the US. In addition, as a result of COVID-19, 12% of the US workforce started freelancing in 2020. This accelerated shift toward independent work has led to nearly 100,000 freelancers opening Lili accounts since its launch. Average monthly spending per customer has more than doubled in 2020, according to the official press release.

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Keywords: Lili, banking app, freelance, gig workers, US, COVID-19, freelancing, Foundation Capital, Group 11, AltaIR Capital, Primary Venture Partners, Torch Capital, Zeev Ventures, pandemic
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech