Lili introduces Embedded Finance solution

By introducing the new solution, Lili intends to simplify small business banking, accounting, and tax processes, enabling partners to offer its financial management tools directly via their platform. The current announcement comes shortly after the company partnered with Dun & Bradstreet, with the two organisations planning to augment business banking. Integrating Dun & Bradstreet was set to allow Lili to continue to improve business finances and deliver owners the tools and services that could assist them in their expansion efforts.

Lili Connect for small businesses

Leveraging Lili Connect is set to allow partner companies to support their small business customers in managing their financial needs in a single place through Lili’s offerings, including a business checking account, automatic transaction categorisation, invoicing and bill pay solutions, automated financial reports, and tax-saving tools. Additionally, Lili’s solution aims to replace traditional account opening processes that banks usually provide to small business owners which can be difficult to complete. Partner companies can use Lili’s embedded application process to support their customers in opening dedicated business banking accounts online, which can in turn help them achieve their expansion objectives.

Moreover, compared to traditional Banking-as-a-Service (BaaS) models, Lili’s Embedded Finance application enables partners to benefit from the capabilities of Embedded Finance without assuming the risks, such as financial losses, fraud, compliance complexities, customer support, and maintaining banking infrastructure. Through this, partners can optimise their operations while equipping their customers with fast and simplified banking experiences.

At the same time, integrating Lili’s tools into their platforms can allow Lili Connect partners to gain additional revenue streams, improve customer loyalty, and benefit from the ability to leverage financial data to optimise the overall customer experience. The launch comes during a time of extensive and rapid growth for the Embedded Finance industry, with the offering delivering tailored financial solutions to a diverse range of industries.